In response to:

Milton Friedman on Tax Freedom Day

Mac300 Wrote: Apr 23, 2012 9:03 AM
April 17 is not the real tax freedom day. That covers the part we pay this year. The rest is deferred by debt. Tax freedom day will come when we have earned enough to cover government spending for the year. That day will come in August or September. Wake up, America!!!

The Tax Foundation reported that Tuesday was Tax Freedom Day (TFD), which is the day that Americans stop “working for the government” through their tax payments and start working for themselves.

TFD is calculated by taking total federal, state, and local taxes and dividing by national income to get a ratio representing the share of income that the average person pays in all taxes. That ratio is applied to the 365-day calendar. This year the ratio is 29.2 percent, which translates into April 17 for TFD. Time to party!

But maybe not quite yet…

When I worked at Tax...

Related Tags: Freedom Tax