Tax Freedom Day
I have just completed my Federal and State taxes and transmitted them to the respective tax offices for this year. I'm due a refund from the Feds and have to pay the state. Nothing unexpected popped up which is how I prefer it.
I got curious about how long Americans have to work each year to pay their tax burden, started googling around and came up with some interesting sites.
The Tax Foundation works up a set of figures each year to determine "Tax Freedom Day" . The day is calculated by taking taxes paid in the current year divided by the nation's income for that year and then projected by Tax Foundation economists using economic and
budget projections from various sources, most notably the Congressional
Budget Office (CBO). For those readers who might have a morbid interest in knowing the gruesome details, The Tax Foundation has the exact formula here.
This is not a precise date as the average taxpayer has many variables applying to his or her own taxes. The Tax Foundation states, "...Tax Freedom Day is the U.S. economy's overall average tax burden -- not the tax burden of the "average" American." But, the dates are interesting to look at as they change each year, change from state to state, and from country to country.
In 1900, the Tax Freedom Day was calculated to be 22 January (5.9% tax burden). By 1950, it had moved to 31 March (24.6%) and it increased to 21 April (30.4%) by 1980. In 2000 it went all the way to 3 May (33.6%). Last year, 2008, the date had shifted to 23 April (30.8%). The date is unknown for 2009 until the data is in, which should be around mid March.
By state, the dates shift a little also. My state of Georgia is calculated as 10 April.
Five major categories of tax dominate the tax burden. Individual income
taxes, both federal and state, require 42 days’ work. Payroll taxes
take another 28 days’ work. Sales and excise taxes, mostly state and
local, take 16 days to pay off. Corporate income taxes take 13 days,
and property taxes take 12. These are for the year 2008.
One last interesting note.
Just for some fun comparisons, here is a look how some other countries fare with their Tax Freedom Day. Australia's date is 22 April (30.7%), New Zealand 21 May (39%), United Kingdom 2 June (42%), Canada 14 June (44.8%), Germany 8 July (51,7%), and Sweden coming in last at 29 July at an astounding 57% tax burden. Israel's Tax Freedom Day would be 15 July with a tax burden of 53.8%.
I can be E-mailed at outrider@ohnoanotherconservativeblog.com if you have suggestions, questions, or would like to see a particular story written.
Tax lawyers can assist in Federal and state tax issues, including IRS tax relief.
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To think that our government is forcibly taking money from us at a higher rate than ever in history, only to create the largest deficit in American history is outrageous!
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The breakout you provide as to how many working days it would take to pay off taxes was certainly an eye opener. Taxes take up approximately 1/3 of my calendar year to pay. That's wrong.
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Thanks for sharing this kind of information.....
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The Tax Foundation works up a set of figures each year to determine Tax Freedom Day.
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What is the major difference between federal and state taxes?
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With this tax the tax rate decreases as the tax base increases?
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The tax base is set to decrease as the tax rate increases among the higher brackets, which are projected to be the amounts above the $250 k mark. I suspect the amount will actually be lower. Presently some 40% of our population pay NOTHING in taxes - look for this number to increase.
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Today the news is overwhelmingly occupied with the rants about how our insane deficit has ballooned to become 11% of our total economic output.
So, why is that more appalling that the fact that many Americans' personal tax deficit will reach into the 40% and 50% range of our individual total economic output (earnings)?
To think that our government is forcibly taking money from us at a higher rate than ever in history, only to create the largest deficit in American history is outrageous!
Our Founding Fathers didn't revolt, lose everything and often times die, for this perversion of governmental power.
Let the revolution begin and let the appeasing politicians crumble under the weight of We The People...
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We want a good strong city. We want low taxes. We want good mobilityI mean, they're a huge percentage of our economy—and we recognized a long time ago that there's the possibility that we need to diversify..
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Taxes are needed, so why not shift the weight of taxes? Legalize things that will lower crime, and yet bring in money to the government.
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It's amazing how much of our life is taken up just to pay taxes.
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Do we pay income tax to the state we live in or the one we work in?
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Thanks for sharing and putting the light on how much taxes we actually pay but there is no stopping to it. Thanks for the statistics.
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So, why is that more appalling that the fact that many Americans' personal tax deficit will reach into the 40% and 50% range of our individual total economic output (earnings)?
To think that our government is forcibly taking money from us at a higher rate than ever in history, only to create the largest deficit in American history is outrageous!
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It is marvelous. I am fond of your blog. It really helped me a lot, will be referring a lot of friends about this. Thanks a lot for sharing. Keep posting.
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Tax freedom is the day of the year we all work towards because that's the day we start keeping the money we earn. Until that day every penny we earn goes to the government be it federal, state, county or city.
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How Will You Celebrate Tax Freedom Day?
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Thank you for the great tip, here we learn about very well features. I used google translator – can you enlighten me please? :)
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But, the dates are interesting to look at as they change each year, change from state to state, and from country to country.Quotes about love
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This is not a precise date as the average taxpayer has many variables applying to his or her own taxes. The Tax Foundation states, "...Tax Freedom Day is the U.S. economy's overall average tax burden -- not the tax burden of the "average" American." But, the dates are interesting to look at as they change each year, change from state to state, and from country to country.
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Just for some funcomparisons, here is a look how some other countries fare with their Tax Freedom Day. Australia's date is 22 April (30.7%), New Zealand 21 May (39%), United Kingdom 2 June (42%), Canada 14 June (44.8%), Germany 8 July (51,7%), and Swedencoming in last at 29 July at an astounding 57% tax burden. Israel's Tax Freedom Day would be 15 July with a tax burden of 53.8%.
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Each state has its own Tax Freedom Day. Because of modest icomes and low state and local tax burdens, Alaska and Louisiana celebrate Tax Freedom Day earliest on March 26, the 85th day of the year. Connecticut celebrates last on April 27, the 117th day of the year, because icome per capita is higher than in any other state. High-icome states pay much more in federal taxes, and they often have higher state-local taxes as well.
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To think that our government is forcibly taking money from us at a higher rate than ever in history, only to create the largest deficit in American history is outrageous! only to create the largest deficit in American history is outrageous!
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Again, these figures are not carved in stone for each and every person, they represent the overall average tax burden, not the average tax payers burden. Just some fun figures to look at while people are writing out their own checks for the government.
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Interesting approach on the subject. Thanks for sharing.
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To think that our government is forcibly taking money from us at a higher rate than ever in history, only to create the largest deficit in American history is outrageous! only to create the largest deficit in American history is outrageous!
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The day that the average American has earned enough money (in theory) to pay off his or her total tax obligations for the year. The calculation used to determine this date assumes that everyone in the nation works for eight hours a day beginning January 1, and that every dollar earned is not spent. The Tax Foundation calculates Tax Freedom Day and also publishes a short report that summarizes trends relating to this measure.
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I wrote this post in 2009. I am curious as to how the statistics will work this year after two years of the Obama administration.
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if you don't like taxes, don't move to Connecticut. We pay a buttload of taxes. Seriously. It sucks.
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