How long do Americans as a whole have to work in order to pay the nation’s tax burden? This year, Tax Freedom Day falls on or around April 16. Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes for a total bill of over $5.2 trillion — or 29 percent of the nation’s income.
Americans collectively spend more on taxes than on food, clothing, and housing combined.
State-by-state, California bears one of the heaviest tax burdens. Only in states such as New York, New Jersey and Connecticut do residents experience “tax freedom” later than we do. Alaska and Louisiana bear the lowest average tax burden.
Most European countries celebrate Tax Freedom Day in May, June and even July in places like Germany, France, Austria, Italy and Belgium.
(Source: taxfoundation.org)
It is such an honor to pay taxes, I’m grateful and happy to do so.