The Tax Foundation today release its annual “Tax Freedom Day” study – which calculates, on average, how many days Americans must work to pay their total local, state and federal tax burdens. A couple of key findings include
Tax Freedom Day will arrive on April 9 this year, the 99th day of 2010, according to our annual calculation using the latest government data on income and taxes. Americans will work well over three months of the year—from January 1 to April 9—before they have earned enough money to pay this year’s tax obligations at the federal, state and local levels……Americans will pay more taxes in 2010 than they will spend on food, clothing and shelter combined (emphasis added)
That’s right; Americans will pay more in taxes than on food, clothing, and shelter combined.
North Carolina’s Tax Freedom Day was calculated as April 7, which places NC at 26th. In other words, you can imagine that all of your work up until April 7 is devoted to financing the government; or that government owns you until about Easter.
I suspect that North Carolina’s ranking will worsen next year once our $1 billion tax hike is factored in.