A Day That Went Virtually Unnoticed..
Most Americans had a lot more to think about in April (for instance filing taxes by the April 15th deadline!) than Tax Freedom Day ®. Nevertheless Tax Freedom Day ® was a truly significant date.
“ Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay off its total tax bill for the year.”
According to the venerable Tax Foundation, this year, “Tax Freedom Day ® falls on April 24, or 114 days into the year”. Yes, on April 24, 2015 Americans worked enough to pay their tax bill! “Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total bill of more than $4.8 trillion, or 31 percent of the nation’s income.”
According to the Kyle Pomerlau article: “Tax Freedom Day ® is one day later than last year due mainly to the country’s continued steady economic growth, which is expected to boost tax revenue especially from the corporate, payroll, and individual income tax.”
On the website you will see that Tax Freedom Day ® 2013 was 5 days later than it was the prior year, and in 2014 it was 3 days later than the prior year. You might call that “tax creep”.
Kyle Pomerlau writes: “Americans will collectively spend more on taxes in 2015 than they will on food, clothing, and housing combined.” An astounding statistic.
Read more interesting articles on the website: http://www.taxfoundation.org
From the website: “The Tax Foundation is the nation’s leading independent tax policy research organization. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and local levels. It is described as” a non-partisan research think tank, based in Washington, DC.” (and came of age during the Great Depression 1937)
Another recent article from the website is “Understanding the Marriage Penalty and Marriage Bonus” by Kyle Pomerlau. If you are married or intending to get married, it makes for very interesting reading.
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