April 15th, the day we must file our taxes and of course tax freedom day, the day when the nation has earned enough money to pay its total tax bill for the year, doesn’t arrive until April 24.
- This year, Tax Freedom Day falls on April 24, or 114 days into the year.
- Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total bill of more than $4.8 trillion, or 31 percent of the nation’s income.
- Tax Freedom Day is one day later than last year due mainly to the country’s continued steady economic growth, which is expected to boost tax revenue especially from the corporate, payroll, and individual income tax.
- Americans will collectively spend more on taxes in 2015 than they will on food, clothing, and housing combined.
- If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later on May 8.
- Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
In keeping with my tradition of laughing when it hurts most, here’s last year’s video by Remy celebrating tax day: