Wednesday, April 26, 2006

Happy Tax Freedom Day!

Do you realize that, so far, nothing that you’ve earned at your job this year is yours?

That’s right. Since January 1, you have been sweating your ass off working to satisfy the demands of greedy politicians and their cronies.

According to the Tax Foundation, April 26th is “Tax Freedom Day”, when you’ve officially paid off your debt of federal, state, and local taxes. Every day you've work from New Year’s day to April 25th went straight to the politicians. Today, you begin to work for yourself.

And lest you think that our supposedly “conservative” President and Congress are working to reduce your tax burden, this year’s tax burden has come later than last year’s Tax Freedom Day, just as last year was later than 2004.

“Tax freedom will come three days later in 2006 than it did in 2005,” said Tax Foundation President Scott A. Hodge, “and fully 10 days later than in 2003 and 2004 when a combination of slow income growth and tax cuts caused Tax Freedom Day to arrive comparatively early, on April 16.”

However, 2006’s Tax Freedom Day is still considerably earlier than it was in 2000, when the economic boom, the tech bubble and higher tax rates pushed tax burdens to a record high, and Tax Freedom Day was postponed until May 3.

“The economy has been growing at a good clip since mid-2003,” said Hodge, “and those growing incomes are pushing people into higher tax brackets. When that happens, tax collections grow faster than incomes.”

(Insert generic comment about Republicans being wasteful tax-and-spenders here.)

(Insert comment about delusional Conservatives who vote Republican, fantasizing that it will help to improve matters, here.)

(Insert comment about libertarians who work to reduce government, within and outside of, the Libertarian Party, here.)

In any event, enjoy your freedom. You’ve earned it.


Blogger Vache Folle said...

Is the day selected based on some kind of average? I'm pretty sure I haven't hit my household tax freedom day yet. The US, NY, Dutchess County, the School District, and lord knows what other entity still have their tentacles in my pockets and, by my reckoning, will until about May 20.

8:07 AM  
Blogger Fred said...

I believe that's an average for federal taxes. If you look around on the Tax Foundation web site, you should find a table for the different states.

8:26 AM  
Anonymous Libertarian Jason said...

Yes.. They do have their methodology posted. It is dependent on the actualy State you live in, but for the most part, they only vary by a couple of days....

11:02 AM  

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