Recently we've been giving you lots of information on that most popular of topics- the income tax! We here at DQYDJ see no need to tone down our articles on taxes at this point... something about this date (maybe it has something to do with the April 15 tax deadline?) makes tax articles popular. Anyway, thanks to the Tax Foundation, we have an interesting measurement of tax - the number of days you have to work to be free and clear of the burden of tax, otherwise known as Tax Freedom Day!
The Tax Freedom Day for the entire country is April 9th... congratulations, we've just passed that point! Yes, 99 days into our 365 day year marks the point when our earnings start accruing to us alone. This is actually 2 weeks earlier than in 2007 - recent temporary tax breaks and stimulus programs have moved the data closer to the beginning of April. This number includes all Federal, State, and Local Taxes, and can be broken down further into this chart:
The top ten percent of earners in America pay a whopping seventy three percent of the income tax collected in this country. Just as there is inequality in the payment of taxes by demographic, there is also inequality between the states! For instance, California's (and my) Tax Freedom Day isn't until Wednesday - the 14th. This isn't actually the worst of the states - Connecticut residents can look forward to April 27 - 117 days into the year - as the day they start to accrue their earnings for their own usage. Yes, Connecticutians (what noun applies?) work over 32% of their year for The (G) Man. On the other end of the spectrum, Alaskans have been free from the parachute of taxes since March 26 - 85 days into the new year. By comparison, Alaskans working 23.3% of the year for The Man seems small in comparison.
Why don't you check out the report, and figure out where you stand?