Tax Freedom Day falls on April 24th for many but not all Americans and until then you have only worked to pay taxes. Americans spend more on taxes than on food, clothing, and housing combined, according to the Tax Foundation.
The Obamacare bill has made it worse.
For 2015, Americans will pay nearly $5 trillion in taxes, which includes $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes. This amounts to almost a third of national income.
Tax Freedom Day arrives earliest in Mississippi on April 5 followed by Tennessee on April 6 and Louisiana on April 7. Connecticut will be the state with the latest Tax Freedom Day of May 21, followed by New Jersey on May 12 and New York on May 11.
“Tax Freedom Day gives us a vivid representation of how much federal, state, and local tax revenue is collected each year to pay for government goods and services,” said Tax Foundation analyst Scott Greenberg. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand the cost of government. Tax Freedom Day helps people relate to that cost.”