Chris
09-10-2012, 06:25 AM
Every year the Tax Foundation announces "Tax Freedom Day"-the date by which the average American has earned enough to pay his taxes for the year. This year Tax Freedom Day finally arrived on April 17th. That means that, if you are an average American, it will take every penny you earned from January 1st until April 17th to pay your taxes for the year. Only what you earn from April 18th on would be yours to keep. Today, the average American has to work 107 days, or almost 30 percent of the year, to pay for government.
As appalling as the late date of Tax Freedom Day is, and it is appalling, it only tells half the story. The 107 days of your labor that Washington claims for itself do not come close to paying for government. Most Americans know that the government spends more than it takes in, and a simple measurement along the lines of Tax Freedom Day would put this into sharp perspective.
We propose "Deficit Day"-the date at which federal tax revenues run dry and Uncle Sam begins racking up more debt. This year it falls on September 10th.
Happy Deficit Day, America! (http://www.realclearmarkets.com/articles/2012/09/10/happy_deficit_day_america_99871.html)
As appalling as the late date of Tax Freedom Day is, and it is appalling, it only tells half the story. The 107 days of your labor that Washington claims for itself do not come close to paying for government. Most Americans know that the government spends more than it takes in, and a simple measurement along the lines of Tax Freedom Day would put this into sharp perspective.
We propose "Deficit Day"-the date at which federal tax revenues run dry and Uncle Sam begins racking up more debt. This year it falls on September 10th.
Happy Deficit Day, America! (http://www.realclearmarkets.com/articles/2012/09/10/happy_deficit_day_america_99871.html)