Tax Freedom Day Rolls Around Four Days Early
April 26, 2002
Tomorrow, Saturday, April 27, is Tax Freedom Day, according to the Tax Foundation. That's the day that Americans stop working to pay for their governments, and start working for themselves. For the average worker, all of the earnings of the first 116 days of the year go to pay taxes to federal, state and local governments.
- The federal tax burden has been reduced by four days' pay over the last two years.
- Federal taxes reached their peak at the end of the Clinton administration -- having grown by 12 days during the Clinton presidency.
- In contrast, state and local tax burdens have remained virtually unchanged since 1990.
- Taxes still take 32 percent of a worker's gross income -- 22 for federal taxes and 10 for state and local.
Tax Freedom Day varies from state to state. Taxpayers in Alaska and Oklahoma celebrate on April 8 and April 15, respectively. In tax-heavy Connecticut it doesn't arrive until May 17.
Source: David Marotta and George Marotta (Marotta Asset Management Inc.), "When the Tax Chains Come Undone," Washington Times, April 26, 2002.
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