Freedom!!!

Tax freedom day banner1No, that’s not my imitation of William Wallace, or the ramblings of a tax accountant on April 15. I am referring to Tax Freedom Day or April 18, 2013 (for Federal taxes). And for those of you in Illinois, Tax Freedom Day is actually April 25, 2013, (http://taxfoundation.org/state-tax-climate/illinois) which means an additional 10 days of work (the fifth latest in the Nation). That’s right, every year the Tax Foundation calculates the date when the average tax payer will have earned enough to pay their Federal and State income tax and payroll tax obligations.  That’s five days later than last year, and does not include the governmental spending covered by borrowing (i.e. the taxes required to cover the current year’s projected deficit)–which would push Tax Freedom Day tTax Burdeno May 9.

In 2013, Americans will pay more in taxes than they spend on food, clothing and housing combined.

I’m hoping these facts and figures might motivate citizens to consider whether or not we as a Nation are spending our tax dollars in a reasonable fashion.  I know my children, who will be forced to work extra days to make up for our current deficit spending, are already questioning whether it’s worth it.

Kurt Anderson

Kurt Anderson joined CDH in February 2011 as the Principal-in-Charge of our Tax Group. As an attorney and CPA, Kurt has practiced many years in several different settings; in each role, he worked to reduce clients' corporate, estate or individual income tax obligations. http://www.cdhcpa.com
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