![]() ![]() If “greed” is indeed symbolized by an individual’s desire to keep more of his money, then the Tax Foundation should change the name of Tax Freedom Day to “Greed Celebration Day. From May 31st (Tax Freedom Day) onwards, the average person got to keep every penny they earn. 14 countries had an earlier tax freedom day this year thanks to continued pandemic relief measures and other rate changes, but eight countries are experiencing higher tax levies. In 2021, every penny the average person earned up until May 30th went straight to the taxman. This year, Tax Freedom Day is Monday, June 19. The 2022 report reveals the average tax freedom day across the EU was 11 June, a day earlier than last year. Tax Freedom Day takes all federal, state, and local. I have never understood why it is ‘greed’ to want to keep the money you have earned, but not ‘greed’ to want to take somebody else’s money. Everyone’s Tax Freedom Day is different and each of us can use allowances and reliefs to move that date. The definition of Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. In short, tax cuts aren’t the tool of greed that progressives like to imagine. ![]() Such rhetoric today would have President Coolidge under fire for subscribing to a failed ideology of “trickle-down economics” and “tax cuts for the rich.”Īside from “trickle-down” being nothing but a straw-man for progressives to attack, Coolidge’s tax cuts actually decreased the share of income taxes paid by low income people and increased that of the highest earners. I want them to have the rewards of their own industry. I want the people of America to be able to work less for the government and more for themselves. Pundits can use this opportunity to relay the message of Calvin Coolidge, who said, Fast-forwarding to this year, the governments will combine to take 31 percent of national income, or 114 days-worth of labor from each taxpayer. In 1900 the governments combined to take 5.9 percent of national income, or 22 days-worth of labor from each taxpayer. As the chart below shows, historical intervention has been sporadic, but has significantly grown over the past century.įor example, prior to the passage of the 16th amendment in 1913, government intervention in the economy was a mere pittance compared with today. Tax Freedom Day roughly illustrates the magnitude of government intervention in the economy. In other words, Americans have worked 31 percent of 2015 just to pay taxes! This year’s Tax Freedom Day is today, April 24th, meaning the governments will tax away a staggering 114 days-worth of taxpayer income. The Tax Foundation answers this question every year for their idea of a “Tax Freedom Day,” the day in each year when Americans as a whole have earned enough money to pay their total tax bill. The question is: how many days would it take American taxpayers as a whole-from top CEOs to McDonald’s cashiers-to pay their total tax bill for the year? Instead of taking portions from each American’s paycheck throughout the year, they decided to take every cent Americans earned from January 1st until the day that all revenue had been collected for the year. Suppose that officials from federal, state, and local governments developed a new system of collecting revenue at the beginning of the year. ![]()
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