Freedom is only a couple of weeks away…
Tax filing day falls on April 18 this year and most Americans, at least the ones who met the annual deadline, will breathe a sigh of relief to have it behind them. But what if we could breathe a collective sigh of relief about the nation’s tax burden being lifted?
That’s exactly what Washington-based tax policy research orginization, the Tax Foundation, would like us as a nation to be able to do exactly six days after next week’s individual filing deadline.
April 24 marks Tax Freedom Day, the day, which in theory, people in the United States are collectively done working toward the nation’s tax burden, according to the 80 year-old think tank. In theory, they say, it’s the day the U.S. has earned enough income to pay its taxes.
Because of lower tax collections as a proportion of the economy, this year’s Tax Freedom Day falls a day earlier than last year, however, by the 24th Americans still will have contributed 114 days of work to collectively pay for the nation’s tax burden. That works out to 46 days toward federal, state and local individual income taxes, 26 days for payroll taxes, 15 days for sales and excise taxes, 11 days for property taxes, nine days for corporate income taxes and seven days for estate and inheritance taxes, customs duties and other taxes.
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