Tax Freedom Day – The facts.
Did you know there is such a thing as “Tax Freedom Day?”
Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long you need to work in order to pay your tax burden. This year, Tax Freedom Day falls on April 16, or 105 days into the year.
Some interesting facts:
In 2019, Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of over $5.2 trillion
Americans will collectively spend more on taxes in 2019 than they will on food, clothing, and housing combined.
Tax Freedom Day in 2018 and 2019 was five days earlier than it was in 2017, in large part due to the recent federal tax law, the Tax Cuts and Jobs Act.
To learn how Tax Freedom Day could impact you, contact us today!