Tax Freedom Day for 2018 is April 19

By Michael W. Chapman | April 12, 2018 | 4:02 PM EDT

(YouTube)

(CNSNews.com) -- For 2018, Americans will have to have worked nearly four months into the year, until April 19, in order to have earned enough money to pay the total tax bill to fund the government -- local, state, and federal -- which equals $5.19 trillion, according to the Tax Foundation.

That's about 30% of the nation's entire income, and it all goes to pay for government.

However, the Tax Foundation noted that if it factors in the budget deficit, "which represents future taxes owed and is expected to hit $806 billion in 2018, Tax Freedom Day would be May 6."

Americans will pay $3.19 trillion in federal taxes and $1.80 trillion in state and local taxes in 2018, said the Tax Foundation. 

That total of $5.19 trillion is more than Americans spend on food, clothing, and housing combined. 

(Source: Tax Foundation) 

 


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Michael W. Chapman
Michael W. Chapman
Michael W. Chapman