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Tipsheet

"Tax Freedom Day" Eight Days Earlier This Year

Every year, the Tax Foundation calculates how long it will take for the average American to pay off his tax burden. This year, it's April 13, eight days earlier than in 2008 and 14 days earlier than in 2007. The Tax Foundation says this is for two reasons:
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(1) the recession has reduced tax collections even faster than it has reduced income, and (2) the stimulus package includes large temporary tax cuts for 2009 and 2010. Nevertheless, Americans will pay more in taxes than they will spend on food, clothing and housing combined.
Taxes this year total 28.2 percent of our income.

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