Let’s Celebrate Tax Freedom Day, Yeah!!!
We love our interviews with the Independent Women’s Forum – today Patrice Lee discussed Tax Freedom day and she had great insight. We spend more money on taxes than food, clothing and rent.
“When is Tax Freedom Day if you include federal borrowing?
Since 2002, federal expenses have exceeded federal revenues, with the budget deficit exceeding $1 trillion annually from 2009 to 2012 and over $800 billion in 2013. In 2014, the deficit will continue to decline to $636 billion. If we include this annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur on May 6, 15 days later. The latest ever deficit-inclusive Tax Freedom Day occurred during World War II on May 21, 1945.” Tax Foundation