Dallas County leads Iowa’s counties in AGI race; Decatur brings up the rear. The IRS this week released its individual tax return statistics by county and zip code this week. I can’t resist wading into the data — I could wallow in it all day, but I won’t get paid for that this time of year. I can get away with a few observations, though.
- Iowans filed 1,420,569 1040s in 2011, reporting a total adjusted gross income of a little over $54 billion — an average of $53,033 per return.
- Dallas County had the best 2011, reporting an average AGI of $78,169. Dallas County is a fast-growing suburban county west of Des Moines.
- Decatur County, a rural county on the Missouri border, was 99th and last, with average AGI of $35,323.
- Polk County, Iowa’s most populous county, had average AGI of $59,570.
- $54 billion of Iowa’s $75 billion in AGI was wages. $1.1 billion was interest and $1.2 billion was dividends.
- Iowans reported $2.093 billion in AGI “business or profession net income.” When politicians want to increase tax rates on “the rich,” they are taxing Iowa employers, whether or not they realize it.
Iowa Senate extends NASCAR sales tax break. When the Iowa Speedway opened in Newton, the Iowa General Assembly gave them a unique gift: they let the track keep sales tax it collects for 10 years. One of the conditions for the gift was continued 25% ownership by Iowans, which inconveniently went away when NASCAR bought the track last year.
No problem! The Des Moines Register reports that the Senate is moving swiftly to enact new legislation not only allowing the out-of-state owners to keep the sales tax they collect, but they are extending the deal, which was to expire in 2016, for an additional 10 years.
I’m sure the NASCAR people are fine folks, but so are the people who run every entertainment venue in Iowa that competes for Iowa’s leisure dollars. Only NASCAR gets this special break. NASCAR is also the beneficiary of a special federal break for “qualified motor sports entertainment facilities.” NASCAR is controlled by a single wealthy North Carolina family. It’s strange how the bipartisan leadership in the legislature gives them special treatment.
Beaned. The Justice Department has filed a notice of appeal of the extraordinarily lenient tax evasion sentence — community service and no jail time — to the inventor of the Beanie Baby. (Chicago Tribune)
William Perez, What Goes Where on the 2013 Form 1040
Paul Neiffer, John Deere Expects Increase (Hopes For) in Section 179 and Bonus Depreciation. It’s good for equipment sales.
TaxProf, The IRS Scandal, Day 281
Jamie Andree, Celebrating Valentine’s Day with Comments on the Innocent Spouse Regulations. (Procedurally Taxing). Nothing says “I love you” like claiming innocent spouse relief.
Scott Hodge, How Much More Redistribution is Needed to Make Every Family “Equal”? (Tax Policy Blog). It will never be enough for some people.
Howard Gleckman, Why is the U.S. Olympic Committee Tax Exempt? (TaxVox). Probably for much the same reason NASCAR gets special federal and Iowa tax breaks.
The Critical Question. Could a flatulence tax on cows slow climate change? (Kay Bell)
News from the Profession. Turns Out Your Non-Diverse Wardrobe Probably Makes You a Better CPA (Going Concern)
Happy Valentine’s Day! Infanti: Big (Gay) Love: Has the IRS Legalized Polygamy? (Going Concern). Will you be my Valentine? And you, and you…