You busted your tail end for every penny of what you made, and the government is seizing this much of it at gunpoint. — Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined. — Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation's income. — Tax Freedom Day is one day earlier than last year, due mainly to the Protecting America from Tax Hikes Act of 2015, which made several business and individual tax cuts permanent. — If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.
Thursday, April 7, 2016
So far adrift from the Founders' vision
As you drown in forms and calculations and receipts and records this week, never let these findings from the Tax Foundation slip from the forefront of your thoughts:
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