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Celebrating April 9th, 2010
By Dr. David Edward Marcinko; MBA, CMP™
[Publisher-in-Chief]
Each day the Tax Foundation reports the date when Americans have on average worked enough to cover taxes. For the year 2010, today the 99th day of the year, or April 9th, is Tax Freedom Day.
2007’s Comparison Triad
Tax Freedom Day this year is two weeks earlier when compared with 2007. This occurs for three principal reasons. First, the recession has reduced tax revenue. Second, there were temporary tax cuts for 2009 and 2010. Third, in 2010 the partial loss of itemized deductions and the exemption phase out for higher-income taxpayers are both eliminated. In addition, there is at present no estate tax.
Now Consider the Debt Burden
However, if the $1.3 trillion deficit is considered, the picture changes substantially. If the government were to collect sufficient revenue to balance the budget, then Tax Freedom Day would be May 17, 2010.
Assessment
As the $1.3 trillion US budget deficit is financed; all taxpayers will either be required to pay interest on that amount or eventually pay off that debt. With the deficit considered, Tax Freedom Day would be the latest since World War II.
Conclusion
And so, your thoughts and comments on this ME-P are appreciated. What about a national flat tax? Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.
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Filed under: Accounting, Alerts Sign-Up, Taxation | Tagged: david marcinko, IRS, Tax Foundation, tax freedom day, US deficit | 1 Comment »
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