Are you happy yet? According to the Tax Foundation, April 17th is when tax freedom day arrives this year. The Foundation has tracked taxes for lots of years. And, this year they have calculated that Americans worked the first 107 days of 2012 just to earn enough to pay their federal, state and local taxes. This is four days later than last year, which mean taxes have gone up.
Working Americans will pay an average of 29.2 percent of their total income in taxes this year. This is more than is spent on groceries, clothing and shelter combined. If the federal government was seeking to enough taxes to finance all its spending, including $1.014 trillion in deficit spending, Tax Freedom Day would not arrive until May 14, according to the Tax Foundation.
Don’t worry, be happy. These will be the good old days when Tax Freedom Day comes right after Christmas.
PMO
©2011
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