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Americans Must Work Until April 17 This Year Just to Pay for GovernmentBy Terence P. JeffreyCNSNews.com Apr. 03, 2012 |
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  Feudal serfs were generally taxed 20%, the average American pays over 40%, even at the lowest income levels. - ChrisAmericans have until April 17 to file their federal tax returns this year, and ironically, according to the Tax Foundation, the average American will have to work from Jan. 1 until exactly that day just to pay his or her share of the taxes that government will absorb this year.Each year, the Tax Foundation calculates "Tax Freedom Day." It determines this date by adding up all the taxes Americans pay to local, state and federal governments, then calculating what those taxes equal as a percentage of the total national income, and then convert that percentage into the equivalent number of days in a 365-day year (compensating for leap years to keep the date comparable for all years). This year, government will tax away 29.2 percent of the nation's total income. That means Americans must work from Jan. 1 until April 17 just to produce the income the government will take away. If the federal government taxed Americans enough to cover the projected $1.014 trillion in deficit spending it will do this year, the Tax Foundation says, Americans would need to work until May 14 to cover the total tax bill. Read More |
