In a Marketatch
article written by Catey Hill 4/18/2016, she reports that the "so-called
Tax Freedom Day is the day when the nation as a whole has earned enough
money to pay its federal, state and local taxes. This year, Tax Freedom Day
falls on April 24, and it’s the day in which we’ve earned enough to foot our
$4.99 trillion 2016 tax bill (that’s 31% of the national income), according to
the Tax Foundation, a nonpartisan tax research organization."
In California,
Tax Freedom Day occurs on 4/30/2016 due to higher tax and higher income.
She also
reported a "Fun fact: The earliest ever Tax Freedom Day came on
January 22 in the year 1900, when Americans paid just 5.9% of their income in
taxes. The latest was on May 1, 2000, when we paid 33%."
