Today is tax freedom day in Alaska. A fortunate few of you have already hit that annual milestone, but also a few of you suckers won’t be netting any money until well into May. But regardless, enjoy it while you can. The Trump individual tax cut expires next year.
I have no idea when Idaho’s day is, but the national day this year is April 16.
Tax Freedom Day symbolizes the day an average American theoretically earns enough to satisfy their annual tax obligations. Calculated by the Tax Foundation, it encapsulates federal, state, and local taxes, providing a macroscopic view of national tax burdens.
Yep. Lol. I think it’s rather stupid in general. I mean, it doesn’t look good to tell the masses they have to work more than 25% of a year just to pay their tax liability.
It is simply a representation of how many days worth of the fruits of your labor every year goes to the government rather than to you and your family. The national average is about 29.9% which equates to 107 days putting the national “tax freedom” day on April 16th.
No … the 107 days of tax are simply prorated over the whole year. The total amount of tax is the same.
Tax freedom day is symbolic. People can look at that and realize “Wow! I am working three months (or 3-1/2 or 4, or 4-1/2) of the year for the government!” (Much like the labor obligation of the common people who built the pyramids for the Pharaoh.) Time is something everyone can identify with. Well, at least most people can.
Yeah, I just noticed that too. The dates moved back a bit in most states (Alaska’s moved to March 31) since the Trump individual tax cut. But hold onto your hat … those cuts expire next year if Congress doesn’t extend them.