According to the non-partisan Tax Foundation, Americans will pay $3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total bill of more than $4.5 trillion, or 30.2 percent of the nation’s income. They will spend 42 days working to pay off income taxes, 15 days for excise taxes, and 11 days for property taxes. If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur on May 6, 15 days later.
“Arguments can be made for why the collective tax bill is too high or too low, but in order to have an honest discussion, it’s important to understand where we stand,” said Tax Foundation Economist Kyle Pomerleau. “Tax Freedom Day gives us a vivid representation of how much we pay for the goods and services provided by governments at all levels.”
Historically, the date for Tax Freedom Day has fluctuated significantly. The earliest national Tax Freedom Day was in 1900 when Americans paid only 5.9% of their income in taxes, meaning the date came on January 22. A century later, the latest Tax Freedom Day was May 1, 2000-which means Americans paid 33.0% of their total income in taxes. Perhaps not coincidentally, that was also the last year the federal government ran a budget surplus.
Click on http://taxfoundation.org for a full breakdown.
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