Monday, April 16, 2012
Today is Emancipation Day in Washington D.C. It has been an official holiday since 2005. As a result, all government offices in D.C. are closed, including the IRS.
"Americans will work 107 days into the year, from January 1 to April 17, to earn enough money to pay this year’s combined 29.2% federal, state, and local tax bill.
Tax Freedom Day is a vivid, calendar-based illustration of government’s cost, and it gives Americans an easy way to gauge the overall tax take. Conceived by Florida businessman Dallas Hostetler in 1948, he deeded the concept to the Tax Foundation upon his retirement in 1971."
This is four days later than it was last year - which means that it's taking you longer to earn enough to pay your taxes, as you can see from the calendar, courtesy of The Tax Foundation
So as you're rushing to finalize your 1040s, you can rejoice because you've now earned enough to cover your tax and from now on you're actually working for yourself!