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This Is How Americans Spend Their Tax Refunds
The U.S. federal income tax rate averages 26 percent, and the average American is on the hook for $8,500 a year in federal income tax. But how did taxes originate, and what do we do with our tax refunds? The first personal income tax in the U.S. was introduced in 1861 to recover debt the federal government accrued during the Civil War. At the time, the U.S. government made its citizens pay 3 percent on any income over $800. Today, Americans who make more than $10,400 have to pay taxes, and the average citizen receives a tax refund in the range of $2,700 after filing.
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