Time to celebrate America it is Tax Freedom Day! Congratulations, today is the 116th day of the year- April 26th- and you have now finally made enough money to pay your total tax bill for the year. Unfortunately we will work 3 days more this year than last year, when Tax Freedom day fell on April 23rd, and a whopping 10 days more than in 2004 when Tax Freedom day fell on April 16th. The Bush tax cuts of 2001 and 2003 lowered Tax Freedom Day from its high of May 3 in 2000 to its recent low in 2004, but a vibrant economy has again increased the nation’s tax burden. As the economy expands the government taxes a larger chunk of the nation’s income due to the progressive federal income tax code. Read the full Tax Freedom Day report to learn more about the nation’s tax burden and each state’s unique tax freedom day.
