From the Moline Dispatch and Rock Island Argus: To measure the impact of our annual tax burden, the Tax Foundation calculates Tax Freedom Day; the day in the year when your federal, state and local tax burden is satisfied.
This year it set April 24 as the date that Americans will have paid our collective $4.99 trillion tax bill. (That includes $3.34 trillion in federal taxes and $1.64 trillion in state and local taxes, though that doesn’t include federal borrowing which brings the date to May 10.) To help put that in perspective, even without taking our considerable government debt into account, in 2016 Americans will pay more for taxes than they do for the entire year for the combined expenses of everyday life food, clothing and housing.
It’s worse in states like Illinois, which have later Tax Freedom dates. Our April 29th Tax Freedom Day in 2016 makes us the 7th latest nationally. Brace yourself, it is likely to get worse, perhaps much worse starting next year. When our so-called leaders finally get around to doing their jobs and passing budgets, those spending plans will have to include new revenues, which means new taxes and fees.
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