According to The Tax Foundation, April 17 will mark Tax Freedom Day this year. Tax Freedom Day is the day that Americans will have worked enough days to pay the average combined federal, state, and local tax. This year the average combined income tax is 29.2%; therefore,The Tax Foundation determined that Americans needed to work 107 days this year to pay off our taxes. In the past four years, the Tax Foundation reported this holiday earlier than usual because of the recession and the enactment of the Stimulus Bill. However, the holiday has come later in the year and still comes later in some states because their higher tax rates.
See Tax Freedom Day is April 17, Washington News (2012).
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
