One of the provisions under consideration in the tax extenders discussion is a reinstatement of 50 percent bonus expensing for equipment. This would strengthen investment spending and boost the sluggish recovery. It has...
- New Podcast: Tax Freedom Day 2010
New Podcast: Tax Freedom Day 2010
In this week's podcast, Tax Foundation Economist Kail Padgitt, Ph.D., discusses Tax Freedom Day ®, which will fall on April 9, 2010. Tax Freedom Day is the day on which Americans have earned enough money to pay all federal, state, and local taxes for the year. This year, Americans will work well over three months of the year -- from January 1 to April 9 -- before they have earned enough money to pay the nation's tax bill for the year.
If Americans were required to pay for all government spending this year, including the $1.3 trillion federal budget deficit, they would be working until May 17 before they had earned enough to pay their taxes -- an additional 38 days of work.
For more on Tax Freedom Day, please visit http://www.taxfoundation.org/taxfreedomday.
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