An organization known as the Tax Foundation (TF) computes the date of a day called Tax Freedom Day each year. This date is found by applying the average tax burden, expressed as a percentage, to the number of days in the year. The Tax Freedom Day is therefore the day of the year by which Americans have on average earned enough money to pay off the taxes they will need to pay for that year.
A survey carried out by the Tax Foundation has led to the conclusion that in 2014 Americans will need to work on average three days longer than in 2013 – until April 21 2014 (111 days) – before acquiring sufficient income to enable them to pay the tax due for the year at the federal, state, and local levels. The TF has also computed that this “Tax Freedom Day” would be even later in the year if the US government raised enough taxes to pay off the fiscal deficit. The total amount of US tax due at federal, state and municipal level is calculated at around USD4.5 trillion, which is 30.2 percent of the total income of US citizens.
