Question Details

When will Tax Freedom Day 2013 be?

taxfoundation.org

When will Tax Freedom Day 2013 be?

Asked by: Super Userkruijs in Business » Other
Settled on 04/02/2013 20:10 Settled by Super Userkruijs
Winning option:Between April 14th and 21st Tax Freedom Day is five days later than last year, due mainly to the fiscal cliff deal that raised federal taxes on individual income and payroll. Additionally, the Affordable Care Act’s investment tax and excise tax went into effect. Finally, despite these tax increases, the economy is expected to continue its slow recovery, boosting profits, incomes, and tax revenues.

http://taxfoundation.org/article/tax-freedom-day-2013-april-18-five-days-later-last-year

Predictions

Before April 9th
Between April 9th and 13th
Between April 14th and 21st
After April 21st

Background

Tax Freedom Day® 2012 arrived on April 17, four days later than 2011 due to higher federal income and corporate tax collections. That means Americans worked 107 days into the year, from January 1 to April 17, to earn enough money to pay this year’s combined 29.2% federal, state, and local tax bill.

We assume that the nation starts working on January 1, earning the same amount each day and spending nothing. When the nation has finally earned enough to pay all the taxes that will be due for that year, Tax Freedom Day has arrived. This year, Americans will pay $2.62 trillion in federal taxes and $1.42 trillion in state-local taxes, for a total tax bill of 29.2 percent.

http://www.taxfoundation.org/taxfreedomday/

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