What do you mean, earning for myself, I’ve gotten a paycheck all year, right?
Yep – you have but if you were required to pay all your taxes up front you would have been forced to surrender 100% of each paycheck to the Federal Government, the State Government, and your Local Government until today. Today is Tax Freedom Day!
Now for us unfortunates in New York, one of the most heavily taxed states, earning for ourselves won’t officially occur until April 23rd.
How do they calculate this “Tax Freedom Day”?
From the Tax Foundation website:
Tax Freedom Day answers the basic question, “What price is the nation paying for government?” An official government figure for total tax collections is divided by the nation’s total income. The answer this year is that taxes will amount to 26.89 percent of our income, and the stretch of 99 days from January 1 to April 9 is 26.89 percent of the year. Income and tax data are then parsed out to the states, yielding 50 state-specific Tax Freedom Days.
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