Tax Freedom Today!

Happy Days for Pennsylvanians.

After today, what we earn is ours!!

What is Tax Freedom Day? Imagine that instead of having your taxes deducted from your paycheck every week, you must pay all of your taxes at once. Now, imagine that before spending any of your income on housing, food, clothes, or paying bills, you must first save enough to pay all of your taxes for the year. If you had begun saving on January 1st, placing every penny you earned into a savings account from which to pay your taxes, then Tax Freedom Day would be the first day you had saved enough to pay them and could begin spending on you and your family again.

And, guess what – that day is today! According to the Tax Foundation, Pennsylvania’s Tax Freedom Day 2006 is April 24. This year, it took 114 days for Pennsylvania taxpayers to earn enough income to pay all the federal, state, and local taxes collected by government. Nearly one-third of the year has passed, and we have just reached the point where taxpayers have started earning money for themselves.

Economics and Markets Posted by AlexC at April 24, 2006 8:47 PM