A shocking new report released earlier this week unveils what life is like in socialist America today.
“Tax Freedom Day gives us a vivid representation of how much federal, state, and local tax revenue is collected each year to pay for government goods and services,” said Tax Foundation Analyst Scott Greenberg. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand the cost of government. Tax Freedom Day helps people relate to that cost.”
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The Tax Foundation issues its annual report on when the nation has finally earned enough to cover our annual tax burden. This year’s date… April 24th. (That’s the end of the 4th month of the year meaning that the government is now vacuuming up more than 1/3 of our total income.)
We work 46 days to pay our federal, state, and local income taxes. We work 26 more days to pay payroll taxes. We work 15 more days to pay sales and excise taxes. 11 more days for property taxes. 9 more days for corporate income taxes and then 7 more days to pay all of the other taxes the government levies upon we, the producers.
That’s 114 days of work, just to pay taxes. 31% of our work is immediately handed back to the government. In 1900, the average American paid less than 6% of their income in taxes.
It get’s worse, though. The Tax Foundation also found that the average American now spends more in taxes than they do on housing, clothing, and food… COMBINED.
Some other key findings from the report:
- This year, Tax Freedom Day falls on April 24, or 114 days into the year (excluding Leap Day).
- Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation’s income.
- Tax Freedom Day is one day earlier than last year, due to slightly lower federal tax collections as a proportion of the economy.
- Americans will collectively spend more on taxes in 2016 than they will on food, clothing, and housing combined.
- If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later, on May 10.
- Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.
While the purpose of the report may not be to show how incredibly cumbersome our taxes have become, that is exactly what the report proves. However, it all gets a little uglier when you realize that about 45% of our nation doesn’t pay a single penny in income taxes.
This is life in today’s liberal America. This is what the liberal policies of both parties has wrought. If you wonder why a large swath of America believes that life will be harder for their children than it was for their parents, look no further than the liberal tax and spend policies of our politicians today. The surest way to make our nation more prosperous and give our children the best opportunity at living the “American Dream” is to cut taxes, cut spending and stimulate economic growth and freedom.
Basically, the answer is … do everything in the opposite way from what we’ve been doing it.
The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com