April 17 is Tax Freedom Day
Per the Tax Foundation:
The report compares the number of days Americans work to pay taxes to the number of days they work to support themselves.
"Despite
all the tax cuts that the federal government has passed recently,
Americans will still spend more on taxes than they spend on food,
clothing and medical care combined," said Hodge.In
2005, Americans will work 70 days to afford their federal taxes and 37
more days to afford state and local taxes. Other categories of spending
measured in the report include housing and household operation (65
days), health and medical care (52 days), food (31 days),
transportation (31 days), recreation (22 days), clothing and
accessories (13 days), saving (2 days) and all other (42 days).
Tax Freedom day has moved around over the last few years:
Enjoy!
MS:
It's a fun statistic for sure, but alarming if considered in conjunction with trends in federal spending.
April 11, 2005, 11:26 pm