GovCo Confiscation Hump Day
We cleared it yesterday, which means you can now officially start working for yourself instead of the government. April 12 was Tax Freedom Day, the 102nd day of the year and, more importantly, the day when most Americans have worked long and hard enough to pay off their tax obligations. This from the Tax Foundation:
That means Americans will work well over three months of the year, from January 1 to April 12, before they have earned enough money to pay this year’s tax obligations at the federal, state and local levels.
Tax Freedom Day arrives three day later in 2011 than it did in 2010, but nearly two weeks earlier than in 2007. This shift toward a lower tax burden since 2007 has been driven by three factors:
• The Great Recession has reduced tax collections even faster than it has reduced income.
• President Obama and the Congress, after a long debate, extended the Bush-era tax cuts for two additional years.
• As part of the extension agreement, the Making Work Pay tax credit was replaced with the 2 percent reduction in the payroll tax.
Despite these tax reductions, Americans will pay more in taxes in 2011 than they will spend on groceries, clothing and shelter combined.
Doesn’t it make you feel just warm and giddy, knowing that you’ve spent the last nearly four months working for government – and not yourself and family?
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