By Kimberlee Kaye – Re-Blogged From BlabberBuzz
31% of the nation’s earnings are going to fill the tax coffers
April 23rd of this year was Tax Freedom Day, or “the day when the nation as a whole has earned enough money to pay its total tax bill for the year”.
A whopping 31% of the nation’s earnings are confiscated by the government for federal and state taxes for a total of $5.1 trillion. Amazingly, that’s still not enough to pay off state and national deficits.
Here’s what that looks like in a chart:
The Tax Foundation explains:
Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes—individual as well as payroll, sales and excise, corporate and property taxes—and divides them by the nation’s income. In 2017, Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total tax bill of $5.1 trillion, or 31 percent of national income. This year, Tax Freedom Day falls on April 23, 113 days into the year.
This year, Americans will work the longest—46 days—to pay federal, state, and local individual income taxes.