Tax Freedom Day

posted by
April 25, 2016
Independent Institute
by William Shughart  
Posted in Commentary

"According to the Tax Foundation, 'Tax Freedom Day' this year falls on April 24th -- six days after 2015's personal income tax returns were due (on the 18th if you forgot to file). April 24 marks the day on which the average American will have earned enough income to pay his or her total local, state and federal tax bill, which includes payroll taxes, sales taxes, excise taxes, property taxes, corporate income taxes and and taxes on individual incomes. The total bill amounts to $4.9 trillion, of which $3.6 trillion goes to Uncle Sam. Since Americans now spend a bit more than $4 trillion on food, clothing and shelter every year, local, state and federal taxes represent the single largest drain on the typical family's budget." (04/24/16)  


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