All the income Americans have earned from January 1 – April 24 has gone to pay this year’s tax bill.
The 2016 Tax Freedom Day report from The Tax Foundation is just in – and it should make you RUN from any candidate who says we need to pay MORE in taxes!
What Is Tax Freedom Day?
Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes and divides them by the nation’s income.
This year, Tax Freedom Day falls on April 24th, or 114 days into the year (excluding Leap Day).
Americans will pay $3.34 trillion in federal taxes and $1.64 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation’s income.
Americans will collectively spend more on taxes in 2016 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 16 days later, on May 10.
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