According to the Tax Foundation, Tax Freedom Day – the day when working Americans transition from working to pay taxes to working to support themselves – was earlier this week, April 26. So no more taxes for you.
“Despite the tax cuts passed by the federal government recently, Americans will still spend more on taxes than they spend on food, clothing and housing combined,” said Tax Foundation President Scott A. Hodge.
In 2006, Americans will work 77 days to afford their federal taxes and 39 more days to afford state and local taxes. That makes taxation a bigger financial burden than housing and household operation (62 days), health and medical care (52 days), food (30 days), transportation (30 days), recreation (22 days), or clothing and accessories (14 days).
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