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taxfoundation.org
When will Tax Freedom Day 2012 be?
kruijs in
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Settled on 04/17/2012 08:38 Settled by
kruijshttp://www.taxfoundation.org/publications/show/28074.html
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Background
Tax Freedom Day® 2011 arrived on April 12, the 102nd day of the year. That means Americans worked well over three months of the year, from January 1 to April 12, before they had earned enough money to pay this year's tax obligations at the federal, state and local levels.
Tax Freedom Day arrived three day later in 2011 than it did in 2010, but nearly two weeks earlier than in 2007. This shift toward a lower tax burden since 2007 has been driven by three factors:
• The Great Recession has reduced tax collecÂtions even faster than it has reduced income.
• President Obama and the Congress, after a long debate, extended the Bush-era tax cuts for two additional years.
• As part of the extension agreement, the Making Work Pay tax credit was replaced with the 2 percent reduction in the payroll tax.
Despite these tax reductions, Americans payed more in taxes in 2011 than they will spend on groceries, clothing and shelter combined.
http://www.taxfoundation.org/taxfreedomday/
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