A little salute to the day that represents the most massive redistribution of wealth in the history of mankind–from your wallet to Big, Fat Government. April 9, 2010 is the day when you have finally made enough money for this year to meet all your tax obligations to pay the incompetent and very often corrupt state and federal government. Congratulations.
By the way, in 2010 you will have paid more taxes in 2010 than you will have spent on food, clothing and shelter combined. That’s right–TEA–Taxed Enough Already!
Tax Freedom Day will arrive on April 9 this year, the 99th day of 2010, according to our annual calculation using the latest government data on income and taxes. Americans will work well over three months of the year—from January 1 to April 9—before they have earned enough money to pay this year’s tax obligations at the federal, state and local levels.
Tax Freedom Day does not count the deficit even though deficits must eventually be financed. Since 1948, when Tax Freedom Day was first calculated, the difference between what governments are spending and what they’re collecting has never been as great as during 2009 and 2010. If Americans were required to pay for all government spending this year, including the $1.3 trillion federal budget deficit, they would be working until May 17 before they had earned enough to pay their taxes—an additional 38 days of work.
This May 17 date for a deficit-inclusive measure is the second latest since World War II. Only in 2009 was it later, when an unprecedented budget deficit of close to $1.5 trillion produced a deficit-inclusive date of May 21, fully 43 days later than Tax Freedom Day.