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InsiderOnline Blog: April 2014

Happy Tax Freedom Day

This year, the average American will work 111 days to earn enough money to pay his 2014 tax bill, making April 21 this year’s Tax Freedom Day. That calculation, done by the Tax Foundation every year, includes federal, state, and local taxes.

This year’s Tax Freedom Day is three days later than last year. That shift reflects the effect of progressive tax rates; as the economy gradually improves, more people pay higher rates. The latest ever Tax Freedom Day was May 1 in 2000.

As the Tax Foundation points out in this chart, the average American this year will pay more in federal, state, and local taxes than he spends on housing, clothing, and food:

[Tax Foundation, April 7]

Posted on 04/21/14 05:39 PM by Alex Adrianson

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