Have you heard of Tax Freedom Day? It is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. That includes federal, state and local taxes. In 2015 that tax bill totaled $4.8 trillion, or 31 percent of the nation’s income.
Tax Freedom Day
This year, Tax Freedom Day fell on April 24, which is 114 days into the year.
Here’s how those days break down. In 2015, Americans will work:
- 43 days to pay federal, state, and local individual income taxes
- 26 days for payroll taxes
- 15 days for sales and excise taxes
- 12 days for corporate income taxes
- 11 days for property taxes
- 7 days for estate and inheritance taxes, customs duties, and other taxes
= 114 days