March 28, 2007
2007 Tax Freedom Day Announced
by Curtis S. Dubay
Tax Freedom Day is April 30 this year.
America will work 120 days, from January 1 to April 30, to earn enough income to pay the tax bills of governments at the federal, state and local levels. America will work 105 days to pay for housing, clothing and food by comparison.
Tax Freedom Day is two days later this year because of the growing economy. A growing economy increases the tax burden because the progressive federal income tax code takes in more revenue as the economy expands and income grows.
The record high Tax Freedom Day was in 2000, when it fell on May 5. Tax Freedom Day could approach this record high in two years if economic growth continues at its current pace. The looming expiration of the Bush tax cuts in 2010 threatens to drive Tax Freedom Day even later into the year.
See the full report here.
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