Tax Freedom Day is the day when the nation as a whole has earned enough money to pay off its total tax bill for the year. Each Year, the Tax Foundations calculates that date, and for 2013 it's today, April 18.
Not only do Americans have to work almost 30% of the year just to fund government, but the total amount of federal and state taxes paid will be $4.22 trillion – and it won't come close to enough. The federal government will borrow and spend almost a trillion dollars more than that!
From the Tax Foundation:
. In 2013, Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes, for a total tax bill of $4.22 trillion, or 29.4 percent of income. April 18 is 29.4 percent into the year.
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