US Tax Freedom Day Falls on April 18th
April 3, 2013 Taxation in USA
WASHINGTON D.C. – In just over two weeks time US taxpayers will have earned enough money to pay off their taxes and will be able to start working for themselves.
In a press release issued on April 2nd the think tank Tax Foundation revealed the results of their latest research showing that Tax Freedom Day in the USA in 2013 will fall on April 18th, five days later than in the previous year.
Tax Freedom Day is a economic indicator which shows how long individual taxpayers would need to work in order to pay off their tax obligations.
According to the Tax Foundation’s calculations in 2013 taxpayers in the USA will need to work 108 days just to cover their tax obligations.
According to recent analytic publications, the total tax obligations of private taxpayers in the USA will reach a cumulative USD 4.22 trillion by the end of this year.
If the calculation of the date of Tax Freedom Day also included the time which would be needed the to cover the government’s budget gap for the year, the date would be pushed back by 21 days to May 9th.
Commenting on the results of the research and on the tax obligations faced by US taxpayers, an expert of the Tax Foundation William McBride said that “…Americans will pay more in taxes in 2013 than they will spend on food, clothing, and housing combined.”
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