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MoneyTalks - > Money Talks -> Tax freedom day!
Tax freedom day!

America will work three days less to pay taxes in 2008 than in 2007.

That day will be April 23 this year.

But Californians will have to work longer — until April 30 — for their Tax Freedom Day.

That's according to the Tax Foundation, a nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937.

So why three days earlier? The Tax Foundation attributes that to the economic stimulus rebate checks that many Americans will receive later this year and slow economic growth in 2008.

Some fascinating stats from the report:

• Federal and state taxes paid by individuals require 42 days' work.

• Payroll taxes take another 28 days' work.

• Sales and excise taxes, mostly state and local, take 16 days to pay off.

• Corporate income taxes take 13 days, and property taxes take 12.

You can read the organization's full report here.

— Christine Peterson

Posted in these Groups:
Topics: taxes, California, economy
posted by MoneyTalks on Wednesday, March 26, 2008 at 02:24 PM
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