Monday, April 13, 2009

Today is Tax Freedom Day

Tax Freedom Day this year is April 13. That means that every day you worked in 2009 up until today went solely to pay for your local, state, and federal tax burden.

Check out this report from the Tax Foundation on the current state of criminal affairs courtesy of the Internal Revenue Service.

An excerpt:

Tax Freedom Day falls a full two weeks earlier in 2009 than it did in 2007. In fact, not since 1967 has Tax Freedom Day come earlier than this year's April 13 date.

This shift has been driven by two factors: the recession has reduced tax collections even faster than it has reduced income; and the stimulus package, a.k.a. HR 1, the American Recovery and Reinvestment Act of 2009, includes large temporary tax cuts for 2009 and 2010. Nevertheless, in 2009, Americans will pay more in taxes than they will spend on food, clothing and housing combined.

Read more here.

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