Monday, April 30, 2007

Tax Freedom Day '07

How long do you work each year in order to unload your tax burden? The Tax Foundation calculates "Tax Freedom Day" every year. Today, April 30th, is that day for the United States as a whole, though states vary quite a bit, from April 12th in Alabama and Oklahoma up to May 20th in Connecticut. In other words -- as if you needed to be reminded -- your total tax burden is discharged only after working for four whole months, 1/3 of the entire year. Do you think you're getting your money's worth? Will Rogers said, "Be thankful we're not getting all the government we're paying for."

All the data and rankings are here, but I thought I'd reproduce a few of the graphics, just to make you feel good about your government! (Note: click on the graphics to see larger versions)

First is a chart showing where Tax Freedom Day has fallen in the past up to today. Note the big dip after the Bush tax cuts:

How many days, on average, do Americans work to pay their various kinds of taxes (sales, property, income, etc.)? This chart tells you. (NB: Did you know that you're on the hook for corporate income taxes?):

Finally, how much, on average, does an American work to earn his daily bread compared to how long he works just to pay his taxes?

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