Many people are beginning to wrap their minds around the House Republicans’ proposed destination-based cash-flow tax and what it means for tax reform. Most people are still looking into the tax’s impacts on trade and how...
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Americans Pay More in Taxes than on Food, Clothing, and Housing Combined
Our annual Tax Freedom Day report finds that the nation’s Tax Freedom Day will come on April 21st this year, which is three days later than last year. The calendar measure represents how long Americans as a whole need to work in order to pay the nation’s tax burden.
The report estimates that Americans will pay about $4.5 trillion dollars in taxes of all kinds in 2014, with $3 trillion going to the federal government and $1.5 trillion dollars going to state and local governments. This is approximately 30.2 percent of the nation’s income paid in taxes.
In total, Americans will pay more in taxes in 2014 than on food, clothing, and shelter combined.
To read the whole report, click here.
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