With just hours until your tax return is due, the Tax Foundation has released some interesting findings in a new report about United States taxes. Essentially, the report highlights coercive extraction of your hard-earned money by the Internal Revenue Service is just perplexing and unscrupulous.
According to the organization, Tax Freedom Day falls on Apr. 24, or 114 days into the year.
This year, Americans will fork over $3.3 trillion in taxes in addition to $1.5 trillion in state and local taxes. In total, Washington will be receiving a nice sum of money: $4.8 trillion, or 31 percent of the country’s entire income.
Here is the worst statistic: Americans, collectively, will spend more on taxes in 2015 than they will on food, clothing and housing combined.
Moreover, if taxpayers include annual borrowing, Tax Freedom Day would fall on May 8, or 14 days later. This year, Tax Freedom Day falls one day later than last year because of a slightly better economy, which also means greater revenues from payroll, corporate and individual income taxes.
Tax Freedom Day will occur later for Connecticut (May 13), New Jersey (May 13), and New York (May 8), while Louisiana (Apr. 2), Mississippi (Apr. 4) and South Dakota (Apr. 8) celebrated earlier.
This news is a perfect reminder of Murray N. Rothbard’s eloquent words in “The Ethics of Liberty”: “Just as no one is morally required to answer a robber truthfully when he asks if there are any valuables in one’s house, so no one can be morally required to answer truthfully similar questions asked by the State, e.g., when filling out income tax returns.”
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