Happy Tax Freedom Day
The Comedian reports that Tax Freedom Day will be the earliest it has been since 1967. April 11, 2004.
What is Tax Freedom Day:
Tax Freedom Day is the day when Americans will finally have earned enough money to pay off their total tax bill for the year. Every dollar that’s officially called income by the government is counted, and every payment to the government that is officially considered a tax is counted. Taxes at all levels of government are included, whether levied by Uncle Sam or state and local governments.
They blame the Bush tax cuts and that artificially inflated economic boom a few years ago.
April 7th, 2004 at 3:45 pm
Is there a personal “Tax Freedom Day” calculator? That would be cool, something that allows me to put in my ZIP code, total income, etc., and discern when my tax freedom day is?
If this is truly an average (rather than a median), then the vast majority of Americans experience Tax Freedom Day well before April 11, since the ultra-high-incomes would tend to throw the curve.
April 7th, 2004 at 4:20 pm
Haven’t seen one, but it would be easy to calculate on your own, I suppose.
April 7th, 2004 at 8:12 pm
Sales tax is presumably included, and that portion would be difficult to figure.
April 7th, 2004 at 11:14 pm
If this is truly an average (rather than a median), then the vast majority of Americans experience Tax Freedom Day well before April 11, since the ultra-high-incomes would tend to throw the curve.
Are you sure about that? Looks like they’re counting FICA, which should skew it the other way, shouldn’t it?
April 8th, 2004 at 2:28 pm
FICA still only counts for 7.65% — add that to the 10% and 15% in the lower brackets, and you’re still well below the 35% that the top bracket pays.
April 8th, 2004 at 3:48 pm
But…but…I thought The Rich didn’t pay their fair share!