12 weeklypress.com • ucreview.com • march 27, 2013


Tax Freedom Day® Arrives April 18th in 2013 ... Deficit Adds 21 Additional Days of Government Spending


T


ax Freedom Day will arrive on April 18th this year, the 108th


day of 2013, according to the Tax Foundation’s an- nual calculation. Ameri- cans will work well over three and a half months of the year before they have earned enough money to pay this year’s tax obliga- tions at the federal, state, and local levels. Both higher federal taxes and rebounding incomes con- tribute to this year’s date, which is five days later than in 2012.


In the new Tax Founda- tion study, “Tax Freedom Day 2013,” economistsWil- liam McBride, Ph.D., Eliza- beth Malm, and Kyle Pomerleau also calculate how long Americans would have to work in order to close the federal budget deficit. In order to pay for all spending in the cur- rent year, the government would need to raise an additional $833 billion in taxes, pushing Tax Freedom Day to May 9th. “This year, Americans will work five days later than in 2012 to pay all of their taxes. The total tax bill at all levels comes to approximately $4.2 trillion, or 29.4% of their total in- come,” said McBride. “That means Americans will pay more in taxes in 2013 than they will spend on food, clothing, and housing com- bined.”


The total tax burden borne by residents of dif-


ferent states varies con- siderably, not only due to differing state tax policies, but also because of the progressivity of the federal tax system. This means higher-income states cel- ebrate Tax Freedom Day later: residents of Con- necticut (May 13th), New York (May 6th), and New Jersey (May 4th) face a sig- nificantly higher federal tax burden than lower-income states. Residents of Missis- sippi and Louisiana will bear the lowest tax burdens in 2013, with Tax Freedom Day having arrived for them on March 29th. Also early is Tennessee, where Tax Freedom Day arrives today, April 2nd. Historically, the date for


Tax Freedom Day has fluc- tuated significantly. The latest-ever nationwide Tax Freedom Day was May 1, 2000 – meaning that Ameri- cans paid one-third of their total income in taxes. A cen- tury earlier, in 1900, Ameri- cans paid only 5.9% of their income in taxes, meaning Tax Freedom Day came on January 22.


Five major categories of taxes dominate the tax burden. Individual income taxes – including federal, state and local – require 40 days of work. Payroll taxes take another 24 days of work. Sales and excise taxes, mostly state and lo- cal, take 15 days to pay off. Property taxes take 12 days, and corporate income taxes take another 9.


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For more information, go to http://www.tax- freedomday.org. The Tax Foundation is a nonpartisan research orga- nization that has monitored fiscal policy at the federal, state and local levels since 1937.


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