BIG GUBMINT’S BITE GETS BIGGER …
|| By FITSNEWS || So tax day has come and gone … but what about the day that really matters? The day when you can stop working for the government … and start working for yourself?
We’re referring to “Tax Freedom Day,” which falls on April 24 this year – a day later than last year, according to the Tax Foundation.
What’s Tax Freedom Day? It’s the point on our 365-day calendar when America has collectively earned enough money to pay its debt to federal, state and local government.
“Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total bill of more than $4.8 trillion, or 31 percent of the nation’s income,” the organization calculated.
And if you included annual federal borrowing – i.e. future taxes owed – the date would get bumped all the way back to May 8.
Ready for more insanity? According to data from the U.S. Bureau of Economic Analysis (BEA), Americans will spend more on taxes this year than they do on food, clothing, and housing combined.
Take a look …
(Click to enlarge)
Yeah … and we wonder why the American economy is on the ropes?
South Carolinians actually have it easier than most states – with their Tax Freedom Day coming on April 12 (eighth earliest nationally).
But don’t let that fool you … one big reason the Palmetto State’s Tax Freedom Day comes so early is its citizens simply aren’t making any money.
In fact Tax Freedom Day inched forward on the calendar during the Great Recession … only to be pushed back again over the last eight years.