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About National Tax Freedom Day
Politics , United States
Ends: Apr 18, 2022
DESCRIPTION:
Tax Freedom Day is an arbitrary date calculated each year by the Tax Foundation. It marks the day each year when enough hours have been worked by the average laborer to fulfill their tax bill with the government each year, if all their earnings to this day were given to the government.
From this day on, all the money earned is the workers. Depending upon the state a person lives in, this day can be earlier in the year (in states without income tax) or much later (for states like California with very high state income taxes).
In 1900, tax freedom day was January 22, when total tax paid by each citizen was under 6%. Today, Americans spend more money on taxes than their housing, food and clothing combined.
The official tax freedom day projection is usually released in Q1 of each year. The dates given for the current or upcoming year will always be estimates until the actual date is released.
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