Party Like It’s Tax Freedom Day


Happy Tax Freedom Day

According to the Tax Foundation, the average American needs to work 99 days – until today – in order to pay this year’s federal, state and local taxes. But, this calculation doesn’t include deficit spending.

“Today the average American has finally worked enough to pay off the tax collector, but it will be another thirty-eight days before Americans have covered the costs of reckless deficit spending by our federal, state, and local governments,” U.S. Rep. Tom Price, R-Ga., said in a news release. “That’s a heavy burden for hard-working families to carry at any time, especially when so many are still getting back on their feet.”

According to Price, the government needs to take upwards of 40 percent of Americans’ income to cover its debt and taxes this year, according to Price. If Tax Freedom Day also included deficit spending, it would be celebrated May 17 – “the second latest since World War II,” according to the Tax Foundation; 2009 was the latest (May 21).

“How many budding entrepreneurs and small business owners will decide the risk of following their dreams simply isn’t worth government debt and taxes taking almost forty percent of the reward?” Price said. “No nation in the world has ever taxed and indebted itself into prosperity. It’s time to unshackle our job creators from the bonds of reckless government spending.”

See also:
Happy Tax Freedom Day, Sort Of
Friday is Tax Freedom Day, if you feel like celebrating
Tax Freedom Day: The taxman still cometh
Today is Tax Freedom Day
Tax Freedom Day comes a little later this year
Tax ‘freedom’ comes a day later this year
Tax Freedom Day
The Price of Freedom
America Celebrates Tax Freedom Day
Tax Foundation
Tax Freedom Day

/enjoy it while you can, you’ll be working for the government longer next year because your taxes are going up

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One Response

  1. Thank you for this informative post! Now I’m starting t better understand the euforia around this day.

    You will be surprised how interesting/bizzare the “Tax Day” phenomenon seems to foreigners in the States.

    Take a look at my blog post on this topic: http://zikata.wordpress.com/2010/04/15/tax-day-my-idealistic-perspective-on-a-dreaded-deadline/

    Cheers,
    Zikata

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