Working longer for the taxman
Tax Freedom Day, the day in which the average American has earned enough income to pay off his or her annual tax burden, will arrive April 30 this year - two days later than last year and 12 days later than in 2003. That means Americans will work four months of the year for the taxman.
For New Jersey taxpayers, Tax Freedom Day won't arrive until May 16 - the third latest date of the 50 states (ahead of only Connecticut and New York.)
According to the Tax Foundation, which makes the annual Tax Freedom Day calculation, 32.69 percent of the average American's income will go toward payment of taxes this year. That percentage is higher than any other years in American history but 2000 and 2001.
In 1900 and 1910, Americans paid about 5 percent of their income in taxes. In 1920 and 1930 it was about 11 percent. By 1950, the percentage rose to about 25 percent. The highest percentage ever was 34.0 percent in 2000. The lowest share in recent years was 29.5 percent in 2003.
For New Jersey taxpayers, Tax Freedom Day won't arrive until May 16 - the third latest date of the 50 states (ahead of only Connecticut and New York.)
According to the Tax Foundation, which makes the annual Tax Freedom Day calculation, 32.69 percent of the average American's income will go toward payment of taxes this year. That percentage is higher than any other years in American history but 2000 and 2001.
In 1900 and 1910, Americans paid about 5 percent of their income in taxes. In 1920 and 1930 it was about 11 percent. By 1950, the percentage rose to about 25 percent. The highest percentage ever was 34.0 percent in 2000. The lowest share in recent years was 29.5 percent in 2003.
posted by Randy Bergmann at 1:21 PM
2 Comments:
With my property tax over $20,000 this little silver resident won't see tax freedom day until the 4 of July if I'm lucky.Which means I spend over 1/2 my waking hours contributing to pensions and health care which I have neither of ,for dirtbag union workers.
Yes Randy, I believe they called it slavery in the old times.
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