Remember my post of Feb. 17, “Nearly half of Americans Don’t Pay Income Tax“? The MSM finally caught up because yesterday Yahoo!Finance finally did a piece on exactly that.
47% of Americans not paying any federal income taxes — some actually get money back from government for what, I don’t know — means that 53% of us are the suckers who are doing all the paying and keeping the whole boat afloat. Worse still, since January 1 of this year all we’ve been doing is to earn enough money to pay for our 2010 tax obligations. It’s only TOMORROW that is our Tax Freedom Day, when we begin keeping what we earn. Here’s what The Tax Foundation tells us, the suckers:
Tax Freedom Day will arrive on April 9 this year, the 99th day of 2010, according to the Tax Foundation’s annual calculation using the latest government data on income and taxes. Americans will work well over three months of the year—from January 1 to April 9—before they have earned enough money to pay this year’s tax obligations at the federal, state and local levels.
This year’s Tax Freedom Day is one day later than in 2009, but more than two weeks earlier than in 2007. The shift toward a lower tax burden since 2007 has been driven by three factors: (1) The recession has reduced tax collections even faster than it has reduced income; (2) President Obama and the Congress have enacted large but temporary income tax cuts for 2009 and 2010, just as President Bush did in 2008; and (3) Two significant taxes were repealed for 2010 as part of previous legislation, the estate tax and the so-called PEP and Pease provisions of the income tax.
Despite all these tax reductions, Americans will pay more taxes in 2010 than they will spend on food, clothing and shelter combined.
It gets worse. The free-spending by the Punk in the White House and his criminal cabal of Demonrats in Congress means that the real tax freedom day for us tax-paying suckers isn’t until the 17th of next month:
If Americans were required to pay for all government spending this year, including the $1.3 trillion federal budget deficit, they would be working until May 17 before they had earned enough to pay their taxes – an additional 38 days of work.
Are you ready for a TAX REVOLT?
H/t Urban Survival.