Posted on 04/30/2007 6:27:56 PM PDT by melt
America's Tax Freedom Day® Arrives April 30 in 2007, Two Days Later Than 2006
Tax Freedom Day® will fall on April 30 in 2007, according to the Tax Foundation's annual calculation using the latest government data on income and taxes.
"Tax freedom will come two days later in 2007 than it did in 2006," said Tax Foundation President Scott A. Hodge, "and fully 12 days later than in 2003, when tax cuts caused Tax Freedom Day to arrive comparatively early, on April 18."
However, 2007's Tax Freedom Day is still slightly earlier than it was in 2000, when the economic boom, the tech bubble and higher tax rates pushed tax burdens to a record high, and Tax Freedom Day was postponed until May 5.
"The economy has been growing at a good clip since mid-2003," said Hodge, "and those growing incomes are pushing people into higher tax brackets. When that happens, tax collections grow faster than incomes."
The report is Tax Foundation Special Report No. 152, "America Celebrates Tax Freedom Day®," by Hodge and Tax Foundation economist Curtis Dubay. The report traces the course of America's tax burden since 1900, examines the composition of today's tax burden by type of tax, calculates a Tax Freedom Day for each state, and compares tax payments to other typical consumer expenditures.
(Excerpt) Read more at taxfoundation.org ...
Doesn’t “Tax Freedom Day” depend on your individual bracket and the effective average tax rate? Some people had a 2007 “Tax Freedom Day” before Christmas of 2006.
If you add up social insecurity tax, fed income tax, state income tax and local income tax, my “tax freedom” day won’t come until the middle of July! The April date is for the “average” taxpayer.
I don’t think this includes FICA or property tax or sales tax or utilities tax or...
You’re not supposed to notice. Be careful, IRS thugs will be watching you!
No, it does.
Federal tax collections are about $2.4 trillion out of $13.5 trillion GDP.
That’s about 18% of the year, or 65 days, which takes you to mid March.
The rest is other federal/state/local taxes
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