Tax Freedom Day-April 17

Posted on Monday, May 07, 2012

According to the Tax Foundation, April 17, 2012, was not only the day 2011 tax returns were due, it also was Tax Freedom Day for 2012. That means Americans worked 107 days, from January 1 to April 17 to earn enough money to pay their federal, state, and local taxes for 2012.

If the federal government collected enough taxes to meet 2012 federal spending, Tax Freedom Day would have come 27 days later -- on May 14, 2012. And unless Congress acts to prevent tax increases scheduled for 2013, next year's Tax Freedom Day will be eleven days later than in 2012, and the average American household will pay $3,800 more in taxes.

Posted in Tax And Accounting Topics For Business

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