Americans Must Work Jan. 1 Through April 24 Just to Pay Taxes

CNS News
Mar. 31, 2015

Tax Freedom Day will arrive this year on April 24 - 114 days into the year - according to a report from the Tax Foundation.

“Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its federal, state, and local tax bill for the year,” explained the Tax Foundation. “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.

“This year, Americans will work the longest to pay federal, state, and local individual income taxes (43 days),” the report stated. “Payroll taxes will take 26 days to pay, followed by sales and excise taxes (15 days), corporate income taxes (12 days), and property taxes (11 days). The remaining 7 days are spent paying estate and inheritance taxes, customs duties, and other taxes.

Read More