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Author: Subject: Happy Tax Freedom Day

Maximum Peach





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  posted on 4/19/2018 at 08:15 AM
quote:
Tax Freedom Day 2018 is April 19th

Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nationís tax burden.

This year, Tax Freedom Day falls on April 19, 109 days into 2018.

Tax Freedom Day will be three days earlier than it was in 2017, in large part due to the recent federal tax law, the Tax Cuts and Jobs Act, which significantly lowered federal individual and corporate income taxes.

In 2018, Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of $5.2 trillion, or 30 percent of the nationís income.

Americans will collectively spend more on taxes in 2018 than they will on food, clothing, and housing combined.

If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 17 days later, on May 6th.

What Is Tax Freedom Day?

Tax Freedom Dayģ is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes and divides them by the nationís income. In 2018, Americans will pay $3.39 trillion in federal taxes and $1.80 trillion in state and local taxes, for a total tax bill of $5.19 trillion, or 30 percent of national income. This year, Tax Freedom Day falls on April 19th, 109 days into 2018.
What Taxes Do We Pay?

This year, Americans again will work the longest to pay federal, state, and local individual income taxes (44 days). Payroll taxes will take 26 days to pay, followed by sales and excise taxes (15 days), corporate income taxes (seven days), and property taxes (11 days). The remaining six days are spent paying estate and inheritance taxes, customs duties, and other taxes.


https://taxfoundation.org/publications/tax-freedom-day/




Tax Freedom Day Varies by State


Federal Gross Tax Collections in Trillions


Federal Debt Rising

 
Replies:

Zen Peach



Karma:
Posts: 19002
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Registered: 1/19/2002
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  posted on 4/19/2018 at 02:10 PM
I filed mine early and got a $4 refund. Whoo-hoo. My whoo-hoo faded when I owed the state $12.00.

 

____________________
"Mankind is a single nation" "Allah did not make you a single people so he could try you in what he gave you, to him you will all return, he will inform you where you differed". Quran Chapter 2 Sura 213

 

Zen Peach



Karma:
Posts: 46486
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Registered: 7/8/2004
Status: Offline

  posted on 4/21/2018 at 09:43 AM
quote:
ax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nationís tax burden.


A rather ambiguous sentence.

 

____________________
"Live every week like it's Shark Week." - Tracy Jordan

 
 


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