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2008 Tax Freedom Day® is April 23rd

According to an annual study conducted by The Tax Foundation using the latest government data on income and taxes, Tax Freedom Day®, the day when Americans have finished earning enough to pay their taxes for 2008, will fall on April 23.  That's three days earlier than in 2007.  The primary reason for the earlier celebration are the rebates from the Economic Stimulus Act of 2008 along with a projection of slower growth in 2008.


























This year's study also showed that Government will continue to dominate the budget of most Americans.  In 2008, Americans will spend more on taxes than they spend on food, clothing and housing combined.
































There is some good news for residents of Kentucky and Indiana.  The map shows that our states are among states with the earliest Tax Freedom Days.  In general, states with the largest metropolitan areas offer higher-paying jobs, and as a result, many of the citizens earn enough to pay income tax at the highest rates-currently 25%, 28%, 33% and 35%. If those rates rise, as they are scheduled to do in 2011, these states will bear the brunt.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For more information or to read the entire study, go to www.taxfoundation.org/taxfreedomday/.

 


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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.