You would think I would have remembered to put this up on April 17th, which is Tax Freedom Day 2005.
According to the Tax Foundation, the single most expensive item in the average American's budget is TAXES. Surprised?
Americans will work 70 days to afford their federal taxes and 37 more days to afford state and local taxes. Other categories of spending measured in the report include housing and household operation (65 days), health and medical care (52 days), food (31 days), transportation (31 days), recreation (22 days), clothing and accessories (13 days), saving (2 days) and all other (44 days).
Worse, even in states we consider tax havens, no American will work less (on average) than 92 days this year to pay her taxes.
Think about that next time your betters ask you to dig a little deeper.
THE GOOD NEWS: Say what you want about GWB, but Tax Freedom Day came 16 days earlier than it did in 1999. In fact, the last three years have seen Tax Freedom Day come earlier than it has in two decades.
Short sighted? When it comes to choking off the money supply to the furnaces in DC there is no such animal. Better you should blow your tax savings on booze and smokes than to let those guys spend it for you. Infinitely better.
UPDATE: Tax Freedom Day came on January 20 in 1910.
Note: we had incorrectly stated in the original post that tax freedom day came 33 days later in 1999 than in 2005. Our policy is to always blame the computer for any mistatement, but you should know that it's always a problem when the butler proofreads. I love him dearly but Castillian Spanish is his first language, English is his fourth. You can see where that's going.