Congratulations, you’re working for yourself now. Prior to April 24, every penny you earned went to feed the monstrous government bureaucracy.
Tax Freedom Day arrived this year on April 24 – three days later than last year. The non-partisan Tax Foundation estimates that April 24 is the day that Americans’ earnings go to their own wallets instead of to the gaping hole of the government bureaucracy.
The organization calculates the day by adding all federal, state and local taxes and dividing that by the nationwide income. This year, the bill is just shy of $5 trillion.
Americans will spend more on taxes than on food, clothing and shelter combined in 2015.
This year’s tax freedom day arrived one day later than it did the year before, meaning Americans will work 112 days into the year to earn enough to cover their combined federal, state and local tax bills.
If the government raised taxes enough to cover budget deficits, Americans would need to work another month to cover their tax bills. The numbers the National Taxpayer’s Union releases every year at this time are startling.
A century ago, Americans paid only 5.9 percent of their income taxes. Those days, Tax Freedom Day arrived in late January. One hundred years later, Americans are paying a third of their income in taxes.
Every dollar taxpayers send to the government is a dollar individuals can’t spend on their own. As National Tax Day whizzes by this year, we’re asking all taxpayers this: Who do you trust to spend that money more wisely? Yourself or your government?
In a few short months, local governing bodies including the cities and school districts will begin budget discussions for next year. We believe individuals are better equipped to spend the money they earn. Individuals will spend those dollars more wisely than bureaucrats. Keeping taxes low allows the free market to work its magic.
As budget season approaches, taxpayers, and that includes us, will be watching to ensure the National Tax Freedom Day arrives sooner rather than later next year.