April 24 To Mark National Tax Freedom Day
This year Tax Freedom Day falls on April 24, according to the non-partisanTax Foundation.
The organization says Tax Freedom Day, is the day when the nation as a whole has earned enough money to pay its total tax bill for the year.
The Tax Foundation’s website says, “Tax Freedom Day takes all federal, state, and local taxes and divides them by the nation’s income.”
“In 2016, Americans will pay $3.34 trillion in federal taxes and $1.64 trillion in state and local taxes, for a total tax bill of $4.99 trillion, or 31 percent of national income.”
In 2016 Americans will pay more in taxes than for housing, clothing, and food according to Tax Foundation calculations.
While this coming Sunday is being recognized as National Tax Freedom Day, the day could come earlier – or later- depending on where you live.
“In calculating Tax Freedom Day for each state, we look at taxes borne by residents of that state, whether paid to the federal government, their own state or local governments, or governments of other states,” according to the Tax Foundation.
You kind find out when your state celebrates Tax Freedom Day by clicking here.
http://www.cnsnews.com/blog/eric-scheiner/april-24-marks-national-tax-freedom-day
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