Today is Tax Freedom Day

Today is Tax Freedom Day

The Tax Foundation has announced that today (the 120th day of 2007) is Tax Freedom Day® -- Americans will work four months of the year, from January 1 to April 30, before they have earned enough money to pay this year's tax obligations at the federal, state and local levels.

April 30 is the national average -- the Tax Freedom Day® in individual states range from the state with the highest tax burden -- Connecticut (May 20) -- to the states with the lowest tax burden -- Oklahoma and Alabama (April 12).

Man...that is depressing

If you want to be depressed, try doing a little something after hours and accurately report your income. Then you get to send in around 40% of your income from that venture to various governments (15.3% FICA + 15% (generally) Federal + ~8% Iowa).

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Originally Posted by TykeClone

If you want to be depressed, try doing a little something after hours and accurately report your income. Then you get to send in around 40% of your income from that venture to various governments (15.3% FICA + 15% (generally) Federal + ~8% Iowa).

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I know that pain very well. I do consulting on the side from time to time...

Pardon my stupidity, but what on earth is tax freedom day?

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Originally Posted by clonomaniac

Pardon my stupidity, but what on earth is tax freedom day?

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Isn't the explanation in the original post?

Do you work?

never mind, I think I know it now..

If I had the time and money to do it I'd have some kind of side business like a rental property or something. You'd be amazed at how unprofitable you can make those look for tax purposes and what you can claim as writeoffs yet according to the bank you are making money on it.

Taxation without representation. So much for our constitution.

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Originally Posted by travman23

If I had the time and money to do it I'd have some kind of side business like a rental property or something. You'd be amazed at how unprofitable you can make those look for tax purposes and what you can claim as writeoffs yet according to the bank you are making money on it.

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Nobody works for the IRS on this board do they? :biggrin9gp:

25%?????? that is if you are not making about 30k. Otherwise it's much more. If were a flat tax then it would be for 25% tax base.

well, we gotta pay for the war somehow, right?

For every $1 we pay in taxes, the government spends about $1.20. Where did fiscal responsibility go? :no6xn: