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Working 107 days for Uncle Sam
By Children’s Home Society of Florida Foundation
Each day the Tax Foundation publishes the “Tax Freedom Day.” For this year, Tax Freedom Day will be on April 17, 2012. Based on averages of incomes and taxes, Americans will work 107 days from January 1 to April 17 to pay the combined 29.2% tax bill for federal, state and local taxes. If the budget deficit amount were paid for through taxes, Tax Freedom Day would be extended to May 14, an additional 27 days.
Varying Dates
Tax Freedom Day has typically arrived earlier during the past five years. The latest Tax Freedom Day was May 1, 2000, when the total tax revenue was 33%. Generally, because of tax reductions in the stimulus bill enacted in 2008, Tax Freedom Day has come earlier during the past four years.
State Taxes
Several states collect lower taxes and have an earlier Tax Freedom Day. These states’ Tax Freedom Day include Tennessee on March 31, Louisiana and Mississippi on April 1 and South Carolina on April 3rd. The highest tax state is Connecticut, with Tax Freedom Day on May 5. However, New Jersey and New York both celebrate Tax Freedom Day on May 1st. The Tax Foundation also estimates the number of days that you may work to pay taxes in these separate categories.
| Tax Category | Days |
| Federal Income | 32 |
| State/Local Income | 8 |
| Fed. Social Insurance | 23 |
| State. Social Insurance | 1 |
| Fed. Sales | 2 |
| State Sales | 12 |
| Property Taxes | 12 |
| Fed. Corporation | 9 |
| Other Fed. | 3 |
| State Corp | 1 |
| Other State | 4 |
Editor’s Note: The Tax Foundation publishes these calculations each year. They are based on overall tax payment averages. Other publications have observed that the dates would change if the numbers were calculated based upon taxpayer income tiers. However, no other publication calculates Tax Freedom Days for low-income, mid income and high-income taxpayers.
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Filed under: Taxation | Tagged: 2012, April 17, IRS, Tax Day, tax freedom day, Tax Freedom Day is April 17th 2012 |
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National Blah Blah Blah Day
I feel obliged to inform you about National Blah Blah Blah Day. Every year on April 17th, Blah Blah Blah Day comes into full effect and I try to hide from it under my bed in the fetal position. The purpose of this day is to take care of the long list of household projects and boring chores that people have been nagging you to do.
And, don’t even try to procrastinate on Blah Blah Blah Day — its entirely immune. Trust me, I’ve tried.
Susan
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