April 11, 2016
As the hashtag #TaxationIsTheft once again marks the approach of Tax Day, this report could easily infuriate people in the United States even further — particularly those concerned about how the government chooses to utilize their tax money.
With $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, a full 31 percent of the nation’s income goes to taxation. The Tax Foundation hopes to raise awareness about taxes with “Tax Freedom Day,” which falls on April 24th this year. According to the report:
“Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes and divides them by the nation’s income.”
Though April 24th could be considered a late date, Tax Freedom Day would occur even later when including the government’s notorious borrowing habit.
“Since 2002,” the report continues, “federal expenses have surpassed federal revenues, with the budget deficit exceeding $1 trillion annually from 2009 to 2012. In calendar year 2016, the deficit will grow significantly, from $592 billion to $698 billion. If we include this annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur on May 10, 16 days later.”