Wednesday, April 13, 2005

Tax Freedom Day nearly here

According to the Tax Foundation’s annual calculation, Tax Freedom Day falls on April 17 in 2005. That means that every bit of labor exerted by every working individual in the country for the first 107 days of the year goes not to that person to buy the things he or she needs or wants, but to pay for government. That means that 29.3 percent of the year is devoted to earning enough money to pay your taxes, nearly one out of three days this year.

As horrible a situation as that is, it is better now than it used to be. As recently as the year 2000, it took until May 3, 123 days, to pay the cost of government.

Americans will work 70 days this year just to afford their federal taxes. Another 37 days will be required to pay state and local taxes.

By comparison, housing and household operation requires just 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.

This information ought to cause every red-blooded American to question why so many politicians tell us we don’t need tax cuts, and why government is so large and expensive. Spending nearly one-third of your working life just to support government is excessive.

The Tax Foundation complies this data using the latest government data on income and taxes.

The full story can be found at the Tax Foundation site.


JL Pagano said...

Well I never thought I would see the day where the words "tax" and "freedom" would be used in the same phrase!!!!

James Shott said...

Yes, the world is indeed a fascinating place, and wonders never cease.