Wednesday, April 15, 2009

Americans Spend More on Taxes Than on Food, Clothing, and Housing

Yes, that's correct.

According to the Tax Foundation in Washington, D.C., who have been studying taxation in the U.S. since 1937, Americans actually spend more on taxes than on food, clothing, and housing combined.

The Tax Foundation is the group that calculates when Tax Freedom Day® will fall each year. That is the day when Americans have earned enough money to pay off their total tax bill for the year.

This year, Tax Freedom Day® fell on April 13, if you don't figure in the federal budget deficit. With this year's unprecedented budget deficit of over $1.5 trillion, the date is May 29.

In other words, every dollar Americans earned from January 1, 2009 to May 29, 2009 goes to pay taxes and cover this year's deficit. Of course, if you live in a high-tax state, like New York, you can add on two extra weeks of work to pay those taxes, making the date June 12!

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