Congratulations America! Everything you earn from Jan 1st to April 24th belongs to the government
That’s right! Tax Freedom Day 2015 is April 24th. That means that you still haven’t earned a penny this year. Congratulations!
Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. Tax Freedom Day takes all federal, state, and local taxes and divides them by the nation’s income. In 2015, Americans will pay $3.28 trillion in federal taxes and $1.57 trillion in state and local taxes, for a total tax bill of $4.85 trillion, or 31 percent of national income. This year, Tax Freedom Day falls on April 24, or 114 days into the year.
But that’s not all! In 2015, Americans will spend more on taxation than they will on food, clothing and housing…combined.
Make no mistake, our economy would grow exponentially if we let people keep the money they earn. Not only would people simply have more money in their respective bank accounts, but without the threat of higher taxation, people would have a greater incentive to work, invest, hire and so on. But until then, let’s live life and enjoy the fruit of our own labor…after April 24th, of course.
According to the Tax Foundation, the average American worker works 127 days of the year just to pay his taxes. That means that government owns 36 percent of the average American’s output—which is more than feudal serfs owed the robber barons. That 36 percent is more than the average American spends on food, clothing and housing. In other words, if it were not for taxes, the average American’s living standard would at least double.