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The Week Ahead: "Tax Freedom Day" Arrives Later and Later

Statement

By:
Date:
Location: Unknown

"Taxpayers will have until Tuesday, April 17, to file their 2011 tax returns and pay any tax due because April 15 falls on a Sunday, and a local holiday observed in Washington, D.C. this year is on Monday, April 16. Therefore, all taxpayers will have two extra days to file this year.

"April 17 is also an important date symbolically. According to the non-partisan Tax Foundation, it is also "Tax Freedom Day' - the day each year in which Americans have worked long enough to pay all of their state, local and federal tax bills.

"Across the country, "Tax Freedom Day' arrives four days later than last year due. That means Americans will work 107 days into 2012, from January 1 to April 17, to earn enough money to pay this year's combined 29.2% federal, state, and local tax bill.

"It's important to note that "Tax Freedom Day' does not arrive in New Jersey until May 1. That's no surprise, given the higher property and sales taxes in our home state.

"Of course, "Tax Freedom Day' is not official. But it is a useful illustration of the cost of government and it gives Americans a clear way to gauge the overall tax burden from year to year.

"Unfortunately, without leadership by the President and action by both Houses of Congress, America is headed for the largest tax hike in its history on January 1. That guarantees the Tax Freedom Day in 2013 will be much later than April 17!

"We don't know the exact date, but we do know for sure that higher taxes and more government spending will kill jobs and economic growth!"


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