Working longer hours for the taxman
Tax Freedom Day - the first day of the year in which the average American has generated enough income to pay off his or her taxes for the year - will fall April 26 this year, according to the Tax Foundation. That's three days later than last year and 10 days later than in 2004.
In New Jersey, Tax Freedom Day won't arrive until May 6. That's later than in all but two other states - Connecticut (May 12) and New York (May 9).
The average American will work 116 days this year to meet their tax obligations - 42 days for income taxes and 31 days for social insurance taxes. That 116 days is more than the number of days the average person must work to pay for housing and food.
The good news: Taxes as a percentage of income today is 31.6 percent - down from its peak of 33.1 percent in 2000. The bad news: It was only 17.6 percent in 1940 and 5.0 percent in 1910.
In New Jersey, Tax Freedom Day won't arrive until May 6. That's later than in all but two other states - Connecticut (May 12) and New York (May 9).
The average American will work 116 days this year to meet their tax obligations - 42 days for income taxes and 31 days for social insurance taxes. That 116 days is more than the number of days the average person must work to pay for housing and food.
The good news: Taxes as a percentage of income today is 31.6 percent - down from its peak of 33.1 percent in 2000. The bad news: It was only 17.6 percent in 1940 and 5.0 percent in 1910.
posted by Randy Bergmann at 1:38 PM
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