Each year the nonpartisan Tax Foundation announces the date of Tax Freedom Day. Tax Freedom Day represents the day when taxpayers have earned enough to satisfy the nation's tax bill for the year. In 2018, Tax Freedom Day falls on April 19. This is 109 days into the 365 day year.
Tax Freedom Day is determined by a simple division of all federal state and local taxes by the nation's income. The government revenue is from individual, corporate, property, sales and excise taxes.
The total amount of federal tax that Americans will pay this year is $3.4 trillion. State and local taxes will total $1.8 trillion. The combined total is $5.2 trillion, which is 30% of national income. Federal taxes this year are $0.1...More