As CNN mentions Tax Freedom day 2010 is a theoretical day at which if the worker had worked 7 days a week and did not spend any money would have made enough to pay the IRS for the year. The national tax freedom day for 2010 is 99 days after the start of the year or April 9. It is one day shorter than last year and has declined each year since 2007 given the recession causing less incomes and certain tax provisions were lower or abolished for this year.
More people spend more on taxes than on their food, clothing and shelter combined. Around 30.8% of income goes to pay various taxes each year.
In a similar sense as the tax freedom day it would take most people 35 days of work to pay for food, 13 days to pay for clothing and 60 days to pay for housing. Hopefully something can be done to lower the 50 days that it takes to pay for health care and medical treatments each year. Additionally it takes 21days to pay for recreation and 29 days to pay for transportation.
The tax freedom date is calculated for each state. Florida has a tax freedom day a few days before the national average given its lack of an income tax. Just 19 states have a shorter period and just 3 states have an overall lower tax burden. Florida is one of just 7 states with no income tax. The Florida tax freedom date is April 5.
The states with the shortest are Alaska which also has no income tax and Louisiana which has low incomes. They have a tax freedom date of March 26 for this year. While Connecticut the state with the highest per capita income is the last with their date being April 27. It takes their residents 117 days to pay the taxes they owe.