Time to Celebrate!
Today is Tax Freedom Day! That means that Americans have earned on average enough money to pay all federal, state, and local taxes for the year (Missouri’s average Tax Freedom Day was actually a few days ago, on April 4). Unfortunately, as the Show-Me Institute’s new online tool, IDEAS, shows, the tax burden on Missouri’s citizens has increased at a fairly steady rate since 1980:
This year’s Tax Freedom Day is two weeks earlier than 2007’s date, but the Tax Foundation cautions that we shouldn’t get too excited: Tax Freedom Day does not include the deficit. If Americans were required to pay for all government spending this year, they would be working until May 17 to pay all of their taxes. Unfortunately, someone will have to pay those taxes someday.
In the meantime, though, celebrate the fact that you are done working for Uncle Sam for the year.