Tax Freedom Day has finally arrived. This is the day that “represents how long Americans as a whole have to work in order to pay the nation’s tax burden.” According to the Tax Foundation:
- In 2018, Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of $5.2 trillion, or 30 percent of the nation’s income.
- Americans will collectively spend more on taxes in 2018 than they will on food, clothing, and housing combined.
Even with the recent GOP tax cuts, Americans are still taxed to death (and after their death).10:56 am on April 19, 2018 Email Laurence M. Vance