Earlier this week, National Taxpayers Union’s (NTU) friends at the Tax Foundation released their annual Tax Freedom Day 2016 Report. Tax Freedom Day represents the number of days per year taxpayers must work to pay their tax levies at all levels of government. According to the report, this year’s Tax Freedom Day falls on April 24. In other words, on April 24, the average American will have earned enough money to cover their tax bills for the year.
Americans will pay nearly $5 trillion in federal, state and local taxes this year, which is more than they will spend on housing, food and clothing combined the Report details. Despite collecting an approximate $3.3 trillion, the federal government still ran a nearly $440 billion deficit last year and is projected to have a $544 billion deficit this year. NTU has detailed the unsustainable levels of debt that, unless tamed, will lead to a weaker economy and a lower standard of living for all Americans.