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April 30, 2007

Happy Tax Freedom Day

by Doug Mataconis

According to The Tax Foundation, today is Tax Freedom Day. That means that from January 1st until today, the wages earned by the average American went to pay federal state and local taxes. For the last four months, you’ve been working for the government, now it’s time to earn something for yourself.

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 arlier 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 trend since 1982 is nicely illustrated here:

Given that we now have a Democratic Congress and a President who doesn’t care about fiscal restraint, you can assume that the upward trend evidence since 2002 will continue.


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4 Comments

  1. Given that we now have a Democratic Congress and a President who doesn’t care about fiscal restraint, you can assume that the upward trend evidence since 2002 will continue.

    It will accelerate starting in 2009 when a Democrat president will probably be elected along with increased Democrat majorities in both houses of Congress are elected.

    Comment by Kevin — April 30, 2007 @ 12:18 pm
  2. Yup it probably will go up starting in 2009 when a Democrat president has to start fixing the mess the current administration caused.

    Next time, instead of blowing $500bn on a war just wade into the country and give them $500bn to spend on hospitals and education.

    They probably won’t fight back as much, and the physical infrastructure of the area won’t be destroyed in the process.

    Comment by Simon — April 30, 2007 @ 2:13 pm
  3. Simon,

    Personally, I’d rather see that $ 500,000,000,000 returned to the people who earned it.

    Comment by Doug Mataconis — April 30, 2007 @ 2:53 pm
  4. Simon,

    Next time, instead of blowing $500bn on a war just wade into the country and give them $500bn to spend on hospitals and education.

    Fighting wars is the proper role of government and in fact the sole reason why government is even created in the first place; providing free healthcare and education are not the job or the responsibility of government because it requires the seizure of private property in order to redistribute it to others.

    Comment by Kevin — April 30, 2007 @ 3:17 pm

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