Tax Freedom Day
Laurence M. Vance
Will arrive on April 21 (2014) this year. According to the Tax Foundation, “Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for year.” The day came on January 22 in 1900. “In 2014, Americans will pay $3.0 trillion in federal taxes and $1.5 trillion in state taxes, for a total tax bill of $4.5 trillion, or 30.2 percent of income.”
And yet, when Republicans and conservatives issue tax reform proposals, they always emphasize that their proposals are “revenue neutral.” This means that they think the federal government is entitled to take $3 trillion from Americans so they can continue their spending orgy. I hope to write about this evil soon. But since it is the end of tax season, I hope to have some other things on taxes even sooner.