Brought to you by WBIW News and Network Indiana
Last updated on Thursday, April 24, 2008
(UNDATED) - Wednesday was tax freedom day for many Americans. It means if Americans had saved every penny they’ve made since January 1st, they would have just accumulated enough money to pay off federal, state and local taxes on Wednesday.
Tax day in Indiana was actually April 17th. The Tax Foundation says, in 2008, Americans are working 74 days to afford their federal taxes and 39 more days to pay state and local taxes.
Meanwhile, buying food requires 35 days of work, clothing 13 days and housing 60 days. Other major categories are health and medical care (50 days), transportation (29 days) and recreation (21 days).
Five major categories of tax dominate the tax burden, according to the foundation. Individual income taxes, both federal and state, require 42 days' work.
Payroll taxes take another 28 days' work. Sales and excise taxes, mostly state and local, take 16 days to pay off.
Corporate income taxes take 13 days and property taxes take 12.
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