Quick Tax Facts

Taxes are an interesting thing, aren’t they? Thankfully, this tax season is over and now we must prepare for the next. Today is a bit of a lighter day here though, no big tax tips or strategies. Just some fun info that you may or may not know, here are some quick tax facts.

  1. Import taxes are ridiculous on certain items. Couple outrageous ones:
    – Flashlights: 125%
    – Peanut Butter – 132%
    – Golf Shoes – 35%
  2. There’s a 75 cent tax on the diphtheria, pertussis, and tetanus (also known as DPT) shot. That goes to a fund to help kids who end up being allergic to it.
  3. You have to list buried treasure on your income taxes – this may seem silly, but it’s an earned income that you have to claim, just like the lottery.
  4. Ever wonder why gas guzzling vehicles are so pricey? Because the company has to pay taxes that can be up to $7,700 every single year because they produce those vehicles.
  5. For the petty thieves that may read my website: Whatever you steal or get bribed with is taxable.
  6. Several countries in the European Union charge farmers a “cow flatulence tax,” up to 18%. Why? Because cow’s digestive processes create a lot of methane… a leading cause of global warming.
  7. In Canada, breakfast cereal makers are exempt from taxes if they include a free toy inside. Now, there’s a stipulation- it can’t be any form of alcohol. I’d hope not.
  8. A junkyard owner tried to deduct cat food as a business expense. He succeeded. Why? Because he used it to attract strays, which got rid of the rodents and snakes, which made the junkyard more customer safe and friendly.
  9. Another guy got a really nice swimming pool deducted – because his doctor recommended exercise for various health problems.