| Wednesday, April 23, 2008 |
| Happy Tax Freedom Day |
April 23 is Tax Freedom Day according to the Tax Foundation. Tax Freedom day came three days earlier this year than last thanks to those stimulus rebate checks some will be getting soon. Bush Era Has Seen Tax Freedom Day® Fluctuate Substantially
“Tax freedom has been a see-saw affair in recent years,” said Tax Foundation senior economist Gerald Prante. “In 2000, Tax Freedom Day® was celebrated May 3, the latest date ever. Then a string of tax cuts between 2001 and 2003 pushed Tax Freedom Day® up by more than two weeks, so that it fell on April 16 in 2003 and April 17 in 2004. For the next three years, incomes and tax collections soared, pushing Tax Freedom Day® back to April 26 in 2007. Now the stimulus rebates and a projected slowing of income growth have made Tax Freedom Day® come three days earlier, on April 23.”
Which Taxes Are Biggest?
Five major categories of tax dominate the tax burden. Individual income taxes, both federal and state, require 42 days’ work. Payroll taxes take another 28 days’ work. Sales and excise taxes, mostly state and local, take 16 days to pay off. Corporate income taxes take 13 days, and property taxes take 12. While today is national tax freedom day, your individual tax freedom day may fall on a different date. For example, Massachusetts residents can really celebrate tax freedom day on April 28 (five days later). Check out the site for more information.Labels: Taxes |
| posted by Boston Gal @ 9:14 AM *
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