31% of the nation’s earnings are going to fill the tax coffers
April 23rd of this year was Tax Freedom Day, or “the day when the nation as a whole has earned enough money to pay its total tax bill for the year”.
A whopping 31% of the nation’s earnings are confiscated by the government for federal and state taxes for a total of $5.1 trillion. Amazingly, that’s still not enough to pay off state and national deficits.
Key Findings
- This year, Tax Freedom Day falls on April 23rd, 113 days into the year.
- 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 nation’s tax burden.
- Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation’s income.
- Americans will collectively spend more on taxes in 2017 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 14 days later, on May 7.
April 23rd of this year was Tax Freedom Day, or “the day when the nation as a whole has earned enough money to pay its total tax bill for the year”.
A whopping 31% of the nation’s earnings are confiscated by the government for federal and state taxes for a
Tax Freedom Day 2017 is on April 23rd – Tax Foundation
This year, Tax Freedom Day falls on April 23rd, 113 days into the year. 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 nation’s tax burden.