Want to put your tax burden into perspective? The folks at The Tax Foundation are always happy to oblige.
They've calculated that in 2011, the average American will work 2 hours and 13 minutes each day just to pay off his or her tax debt. If you start work at 9 a.m., that means you won't start earning any take-home pay until 11:13 a.m.
“If we add the federal deficit to the picture — that is, if the federal government were planning to collect enough in taxes during 2011 to finance all of its spending -— Americans would work until lunchtime, 12:07 p.m., for the government before keeping any of their earnings for themselves,” reads this Tax Foundation report.
The calculation is an off-shoot of The Tax Foundation's annual Tax Freedom Day — the day each year when Americans have earned enough to pay off their annual tax debts. This year's Tax Freedom Day was April 12.
In other words, it's all gravy through Dec. 31 … assuming you haven't spent anything so far.
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