Washington DC has its Emancipation Day holiday to mark the anniversary of the signing of the Compensated Emancipation Act, which president Abraham Lincoln signed on April 16, 1862 to free the slaves in DC.
Every year, the Tax Foundation calculates the symbolic annual end of our slavery to all of the taxes we have to pay with Tax Freedom Day (TFD). Obviously the actual day people reach the freedom of working for themselves instead of working to feed the Tax Beasts is technically different for everyone. However, as an average nationwide, Tax Foundation has calculated TFD as April 24 this year. That would be April 25 if this weren’t a Leap Year.
What I found even more interesting is this picture of the Tax Freedom Day by State. It shows that residents of Mississippi have the earliest TFD, April 5 and with the latest TFD, the prize goes to Connecticut, where TFD is May 21.
They are showing an average tax rate in the USA of 31.5%. Being an average, there are obviously some folks paying less and many people paying much higher rates, especially when considering State taxes and the penalties on those earning over certain amounts designated by our Rulers (aka the “Evil Rich”).
Posted in TaxBurden, TaxRates | Comments Off on Comparing Tax Burdens
A new Congressional Budget Office reports shows the share of taxes paid by the top 20% has gone up over the last 30 years, while the share of taxes paid by everyone else has gone down.
But, that’s not what the Dims and their media tell us. Who are we supposed to believe; the facts or the class warfare rhetoric?
The Cost of Government Center, an offshoot of Americans For Tax Reform, has issued its 2012 report on the tax burden of Americans. Its Tax Freedom Day, when we are allowed to keep what we earn, is calculated as July 15 this year.
I’m not endorsing Herman Cain or his 999 plan, but this video he put out has a good look at the deplorable state of our current tax system. As always, identifying the problem is easy. It’s just impossible for everyone to agree on a solution.
Of course, from a more selfish mercenary perspective, these upcoming tax hikes guarantee a never ending supply of new work for those of us in the profession of assisting clients legally minimize their taxes.
I recently came across this interesting short history of income taxes in this country from Glenn Beck’s website. It even closes with a reference to the still very relevant “TaxMan” song by George Harrison.
Posted in TaxBurden, video | Comments Off on Video – History Of Taxes
Tax Guru - Ker$tetter Letter 