tAX FREEDOM DAY

GUEST BLOGGER: KATHY RIGGS

Tax Freedom Day is the first day of each year that Americans work for themselves—meaning, up unto that point, every dollar earned up to that date pays for federal, state, and municipal government taxes. According to the US Tax Foundation, the date for 2019 is April 16th. This is 105 days into the year or about 30% of the year.
 
If learning that 30% of your year working to pay government authorized taxes isn’t enough of a jolt, when compared to how much the average American spends on Housing, Clothing, and Food combined, we spend more on taxes each year than on these vital items. 
(US Tax Foundation)
 
Here's another way to visualize it:

• In January, you work to pay off federal income taxes.
• February goes toward paying Social Security, Medicare, and other payroll taxes, as well as state income taxes.
• In March, you pay state, local sales, and excise taxes, as well as property taxes.
• The first 16 days of April, you work to pay motor vehicle license taxes, as well as severance and estate taxes. You also pay off corporate income taxes that are passed onto you through higher prices.

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