The Tax Foundation

April 29, 2005

India Economic Times -- 'Running around in circles'

"Americans celebrated tax freedom day on April 17. On this day, they stopped working for the government. This calendar year, Americans will work from January 1 up to April 17 merely to pay their taxes (it includes working for 70 days to afford federal taxes and another 37 days to afford state and local taxes).

The average rate works out to 29.1% of the income of each American. Tax Foundation, a US-based organisation, arrives at this day by dividing the official tally of taxes collected each year by the official tally of income earned during that year."

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