Tax Freedom Day 2013
by John Watts
Yesterday, April 18, 2013 was Tax Freedom Day – the day of the year when Americans start working for themselves instead of their federal, state, and local governments.
As explained by the Tax Foundation:
“Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. A vivid, calendar based illustration of the cost of government, Tax Freedom Day divides all federal, state, and local taxes by the nation’s income. In 2013, Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes, for a total tax bill of $4.22 trillion, or 29.4 percent of income. April 18 is 29.4 percent into the year.”
Check out this poster (.pdf) from the Tax Foundation for more.