Taxes are on everyone’s mind this time of year, now that most of us have filed our taxes—or at least extensions. Just how much taxes do we pay, and how long do we have to work each year to pay them? According to The Tax Foundation, Tax Freedom day falls on April 23 in 2017, 113 days into the year. The Foundation also calculates that:
- Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of more than $5.1 trillion, or 31 percent of the nation’s income.
- Americans will collectively spend more on taxes in 2017 than they will on food, clothing, and housing combined.
- If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later, on May 7.
Tax Freedom Day varies by State. In Oregon, it is April 24, #37. Washington is April 27, #40. California is May 1, #46. Mississippi is April 1, #1 in the US.