Most of us remember when “tax freedom day,” the day when an average American wage earner made enough to pay their taxes for the year, came early in May, usually between the third and the eighth. But this year things are different. Obama says he has cut taxes.
So when was the new “tax freedom day?” For most American workers, the mythical “average two earner American family” finally made enough money to pay its Federal, State, and local taxes and the cost of regulations on July 17th. Not including that consumption tax called a “sales tax.”
So you and I had to work for twenty eight and a half weeks – out of fifty two – just to pay our taxes and fees. That’s some tax cut, there; brother.
Does your wallet feel a bit heavier today? Enjoy it – because the Clinton tax increases are to be reimposed January 1. Nicking you for another four weeks work next year.
While it is based on several assumptions – mark August 21st, 2013 on your Calendar and make plans to celebrate “Tax Freedom Day, 2013.”