Are you familiar with Tax Freedom Day? No, it isn’t the day after April 15th. According to the Tax Foundation, it’s the day of the year when the average American has earned enough money to pay for all the income taxes they will accumulate throughout the rest of the year. In 2016, that day will fall on April 24th. Or put another way, if you work during all 52 weeks of the year, more than 16 weeks of your labor are going to the IRS.
According to the Tax Foundation’s annual report, Americans are going to spend a total of $5 trillion on federal, state, and local taxes this year, which amounts to about 31% of our nation’s income. That’s almost $1 trillion more than we spend on food, clothing, and housing put together.
Tax Freedom Day happens to fall one day earlier this year than it did last year, but when you consider our government’s deficit spending, the day lands on May 10th. It also varies from state to state. Tax Freedom Day falls on May 21st in Connecticut, but arrives as soon as April 5th in Missouri.
Historically speaking, we’re paying way more than our parents and grandparents did. A hundred years ago Tax Freedom Day was in late January. While most Americans will complain about how much they’ll have to fork over on April 15th, they largely have no concept of how much they are paying in a historical context. And to think our ancestors revolted against the British Crown when 1-2 percent of their income was taxed.
#1: SOSO To: Deckard, All (#0)
This BS is foisted on us every year. Note it says "the average American". Well "the average American" doesn't pay the bulk of taxes, the top 10-20% pay 80-90% of all the federal, state, and local taxes. Most of the bottom 50% of Americans do not pay one cent in federal income tax. It is true that some do pay SS taxes but not the full freight after netting out other federal tax credits. There is no income cap on the rate of city and state income taxes and may even be surcharges for the higher income brackets. When you say bibbity bobbity boo, guess who winds up paying the overwhelmingly disproportionate amount on the combined total of all income taxes? It ain't Joe Average.
SOSO posted on 2016-04-07 11:32:00 Reply Private Reply
#2: paraclete To: Deckard (#0)
here is what one of the worthy candidates thinks about tax Bernie has said:
“Instead of sheltering profits in the Cayman Islands and other offshore tax havens, the largest corporations in this country must pay their fair share of taxes so that our country has the revenue we need to rebuild America and reduce the deficit. At a time when corporations are making record-breaking profits, while the middle class is disappearing and senior poverty is on the rise, the last thing we should be doing is giving huge tax breaks to profitable corporations that don’t need it.”
I think the agenda is clear, you ain't seen nothing yet!
paraclete posted on 2016-04-07 20:36:38 Reply Private Reply