108 days of work needed
Happy tax day! Now get back to work.
That's because “Tax Freedom Day” – when you’ve worked enough to pay your local, state and federal taxes – doesn’t come until Thursday, according to the Tax Foundation, a nonpartisan group. It says it’ll take Americans 108 workdays - 29.4% of the year - to pay $4.22 trillion in taxes this year. Here's the breakdown:
• It takes 32 days of work for Americans to pay their federal income tax bills.
• It takes another eight days are needed to pay state and local individual income taxes.
• It takes 24 more days to pay for taxes that pay for entitlements, such as Medicare and Social Security.
• It takes two days of work to pay federal excise taxes.
• State and local sales and excise taxes require 12 days of work.
• Property taxes require eight more days of work.
• Federal, state and local corporate income taxes take another nine days of work.
• The final six days are needed to pay for an assortment of other federal, state and local taxes.
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