Today is Tax Freedom Day, the day that “represents how long Americans as a whole have to work in order to pay the nation’s tax burden.” In 2019, “Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of over $5.2 trillion, or 29 percent of the nation’s income.” This means that Americans “will collectively spend more on taxes in 2019 than they will on food, clothing, and housing combined.”
So much for the Trump tax cut, “undoubtedly the smallest, not the biggest, individual tax cut in history,” says David Stockman.
6:53 am on April 16, 2019
