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Tax Freedom DayŽ 2013 is April 18, Five Days Later Than Last Year
Tax Foundation ^ | April 02, 2013 | William McBride, Kyle Pomerleau, Elizabeth Malm

Posted on 04/08/2013 9:35:55 AM PDT by Sopater

What is Tax Freedom Day?

Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. A vivid, calendar based illustration of the cost of government, Tax Freedom Day divides all federal, state, and local taxes by the nation’s income. In 2013, Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes, for a total tax bill of $4.22 trillion, or 29.4 percent of income. April 18 is 29.4 percent, or 108 days, into the year.

Why is Tax Freedom Day later this year?

Tax Freedom Day is five days later than last year, due mainly to the fiscal cliff deal that raised federal taxes on individual income and payroll. Additionally, the Affordable Care Act’s investment tax and excise tax went into effect. Finally, despite these tax increases, the economy is expected to continue its slow recovery, boosting profits, incomes, and tax revenues.

When is Tax Freedom Day if you include federal borrowing?

Since 2002, federal expenses have exceeded federal revenues, with the budget deficit exceeding $1 trillion annually from 2009 to 2012. In 2013, the deficit will come down slightly to $833 billion. If we include this annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur on May 9, 21 days later. The latest ever deficit-inclusive Tax Freedom Day occurred during World War II, on May 21, 1945.

(Excerpt) Read more at taxfoundation.org ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: deficit; irs; spending; taxes; taxfreedomday

1 posted on 04/08/2013 9:35:55 AM PDT by Sopater
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To: Sopater

‘scuze me....

My “tax freedom day” just happens to coincide with the 4th of July this year.....


2 posted on 04/08/2013 9:39:03 AM PDT by G Larry (Which of Obama's policies do you think I'd support if he were white?)
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To: Sopater

Under 0, it will go to December 31.


3 posted on 04/08/2013 9:51:10 AM PDT by I want the USA back (Pi$$ed off yet?)
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To: Sopater; All
Thank you for referencing the material from the Tax Foundation Sopater. I had a look at their web site and have a critique about it. But please bear in mind that this critique isn't being directed against you.

Like other pro-taxpayer organizations, this organization doesn't seem to be aware of Justice John Marshall's clarification of Congress's limited power to lay taxes. Marshall had essentially indicated that Congress cannot lay taxes for anything that it cannot justify under the Constitution's Section 8 of Article I.

"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." --Justice John Marshall, Gibbons v. Ogden, 1824.

Given that the plurality the clauses in Section 8 are defense related, and given that the Department of Defense (DoD) for 2012 was $600+ billion, I will generously round the DoD budget up to $1 trillion, but probably much less, to roughly estimate how much Section 8 should be costing taxypayers per year.

In other words, we shouldn't be hearing about multi-trillion dollar annual federal budgets that the liberal media, including Obama guard dog Fx News, is reporting in public policy discussions while ignoring Justice Marshall's official clarification of Congress's limited power to lay taxes.

4 posted on 04/08/2013 10:22:18 AM PDT by Amendment10
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To: Amendment10
Thanks for that info, A-10.

Unfortunately in addition to pro-taxpayer organizations like this one, the current SCOTUS seems to also believe that congress is at liberty to lay taxes for whatever they deem necessary. Soon, precedent will be on the side of unlimited gov’t rather than on a constitutional gov’t.

5 posted on 04/08/2013 11:13:07 AM PDT by Sopater (...where the Spirit of the Lord is, there is liberty. - 2 COR 3:17b)
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To: Sopater; All
Unfortunately in addition to pro-taxpayer organizations like this one, the current SCOTUS seems to also believe that congress is at liberty to lay taxes for whatever they deem necessary.

Please bear in mind the following. The ONLY reason that the activist justices get away with trampling the Constitution is the following imho. For the last century, but possibly from the time that the Constitution was ratified, patriots have not been making sure that their children are being taught the Constitution and its history as the Founding States had intended for it to be understood. So the constitutionally limited power federal government has been getting away with murder usurping 10A-protected state powers.

6 posted on 04/08/2013 11:43:24 AM PDT by Amendment10
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To: Amendment10
...patriots have not been making sure that their children are being taught the Constitution and its history as the Founding States had intended for it to be understood.

Can I get an "Amen" from the congregation?
7 posted on 04/08/2013 12:02:08 PM PDT by Sopater (...where the Spirit of the Lord is, there is liberty. - 2 COR 3:17b)
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