Manic Melon

Our Government has been paid.

“Tax Freedom Day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden.” - Wikipedia

As a result, today is the first day that you’re earning money for yourself. Every work day from January 1st to date has gone to the government. I don’t know about you, but I’m happy that today has arrived, yet feel some twinges of frustration at our tax system.

Year — TFD — Percentage Tax Burden

• 1900 — January 22 — 5.9%
• 1910 — January 19 — 5.0%
• 1920 — February 13 — 12.0%
• 1930 — February 12 — 11.7%
• 1940 — March 7 — 17.9%
• 1950 — March 31 — 24.6%
• 1960 — April 11 — 27.7%
• 1970 — April 19 — 29.6%
• 1980 — April 21 — 30.4%
• 1990 — April 21 — 30.4%
• 2000 — May 3 — 33.6%
• 2002 — April 19 — 29.8%
• 2004 — April 17 — 29.3%
• 2006 — April 26 — 31.5%
• 2008 — April 23 — 30.8%
  
  source: The Tax Foundation

Taxes VS Other Expenses

“In 2008, Americans will work 74 days to afford their federal taxes and 39 more days to pay state and local taxes. Meanwhile, buying food requires 35 days of work, clothing 13 days, and housing 60 days. Other major categories are health and medical care (50 days), transportation (29 days), and recreation (21 days).” - says The Tax Foundation

Varies by State

If you consider state taxes, the state specific Tax Freedom Day varies. A big apology to those in Connecticut, New Jersey and New York… your tax freedom days won’t arrive until May. South Carolina and Texas: you’re looking better and better all the time!