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:
Of course, the actual date of Tax Freedom Day for you will vary based on the state where you live. If you really wish to know what the date is for you and your family, here’s how you calculate it for the past year (this is a breeze for family mathematicians but it may not be worth it to you.)
Formula for the number of days is takes to pay off your tax bill (you'll have all the information you need when you pay your taxes):
You can count that many days into the year or use the calculator found under “Calculate Your Personal Tax Freedom Day".
Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
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