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Cross-posted from friendsoftheuschamber.com:
Did you know you earned your first dollar today?
You may have had April 15th marked on your calendar for Tax Day. But there’s another important April tax day to remember.
Today, April 24, is Tax Freedom Day – the day America has earned enough money to pay its total tax bill for the year. Americans had to work 114 days in 2015 just to pay for the cost of government.
The Tax Foundation projects that Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total tax bill of more than $4.8 trillion, or 31% of the nation’s income.
That’s more than our nation as a whole will spend on food, clothing, and housing combined this year.
But Tax Freedom Day serves as an important reminder to all of us – and hopefully to Washington – of the burden of America’s broken tax system.