ATLANTA – Congratulations taxpayers. Today marks Tax Freedom Day – a day later than last year.
According to the Tax Foundation, the average American needs to work 99 days – until today – in order to pay this year’s federal, state and local taxes. But, this calculation doesn’t include deficit spending.
“Today the average American has finally worked enough to pay off the tax collector, but it will be another thirty-eight days before Americans have covered the costs of reckless deficit spending by our federal, state, and local governments,” U.S. Rep. Tom Price, R-Ga., said in a news release. “That’s a heavy burden for hard-working families to carry at any time, especially when so many are still getting back on their feet.”
According to Price, the government needs to take upwards of 40 percent of Americans’ income to cover its debt and taxes this year, according to Price. If Tax Freedom Day also included deficit spending, it would be celebrated May 17 – “the second latest since World War II,” according to the Tax Foundation; 2009 was the latest (May 21).
“How many budding entrepreneurs and small business owners will decide the risk of following their dreams simply isn’t worth government debt and taxes taking almost forty percent of the reward?” Price said. “No nation in the world has ever taxed and indebted itself into prosperity. It’s time to unshackle our job creators from the bonds of reckless government spending.”
Tax Freedom Day was first calculated in 1948. The latest Tax Freedom Day was celebrated on May 1, 2000.
Georgia’s Tax Freedom Day was actually Thursday, according to the Tax Foundation – one day before the national day. Alaska residents celebrated first on March 26, and Connecticut residents will be the last to celebrate when their day arrives April 27.
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