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Apr. 1, 2015

America Has Almost Earned Enough to Pay All the Taxes

How much time does it take America to work to pay off taxes? It will take 114 days for Americans to earn enough to pay off their tax debt to all levels of government. Good job, America! You’re almost to Tax Freedom Day. The Tax Foundation named April 24 as the day when taxpayers have finished paying off Big Brother and can get on to actually making money for themselves. The cost of feeding the leviathan is so high that Americans will spend more in paying taxes then they do in housing, clothing and food combined. Tax Foundation economist Kyle Pomerleau told CNS News, “Tax Freedom Day gives us a vivid representation of how much we pay for the goods and services provided by governments at all levels. Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand cost of government.” Of course, different states have different tax burdens, and you can see when you’ll be hypothetically free from taxes in the map below. It’s good news if you live in Louisiana, not so much for people in Connecticut. More…

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