Tax Freedom Day is April 11
From the “good news” department here at KevinDonahue.com, it seems that Tax Freedom Day 2004 will be celebrated a little earlier this year. Tax Freedom Day, the day on which most Americans will have earned enough to pay their taxes, is April 11th this year – three days earlier than last year and 21 days earlier than in 2000. Even more amazing is that this is the earliest Tax Freedom Day since 1967.
For 2004, the average American taxpayer will work 36 days to pay off income taxes (28 for federal and 8 for state taxes). Social insurance taxes which along with income taxes are deducted directly from most people’s paychecks, require 28 days’ worth of work to pay for. Sales and excise taxes require 16 days of work, property taxes 11 days and business taxes 9 days.