Mark mid-April on your calendar. That's when Tax Freedom Day, the symbolic day when U.S. taxpayers' annual earnings to date surpass the taxes they'll pay that year.
The Tax Foundation analyzes state and local taxes to arrive at the benchmark. In 2003, Americans worked 109 days to pay their taxes, meaning Tax Freedom Day fell on April 19. That's the same date as 2002, but earlier than the April 27 date of 2001. Here's a breakdown of those 109 days:
Individual income taxes: 42 days
Social Security/Medicare: 30 days
Sales/excise taxes: 17 days
Property taxes: 11 days
Corporate income taxes: 9 days
Source: Tax Foundation, www.taxfoundation.org/taxfreedomday.html
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/5734/tax-freedom-day-is-april-19-when-you-really-start-making-money "