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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 |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Philly Cracks Down on Tax-Evading Podiatrist
The city of Philadelphia PA is cracking down on tax evaders. The mayor made the announcement outside a business that owes over 100-thousand dollars. “Tax evaders have been getting a free ride for too long, the free ride is over.” Mayor Nutter spoke those words outside a podiatrist’s office on Bustleton Avenue, saying the doctor owed over $114,000 in outstanding taxes, ignored the city’s amnesty program, and refused attempts to settle the debt.
“On the 30th, Deputies from the Sheriff’s office and the attorneys from the law department will appear on site and conduct a sale of the items from this business. Office furniture, televisions, everything we can auction we will.” The business owner shut down claiming a personal emergency to patients when he found out the mayor was on the way.
Source: WHYY [9/21/10]
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