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Tax Day: What Does it Mean to You?
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Since it is April 15th - Tax Day, I thought I would send out some thoughts and facts about taxes. The Tax Foundation each year calculates “Tax Freedom Day.” The day on which taxpaying Americans will have earned enough to pay their Federal, State and Local tax obligation. That day was last week on April 9th; however this only takes into account the actual taxes estimated to be collected. If they include the actual amount expected to be paid (this means the extra $1.3 billion dollars of deficit spending this year, it would exactly be May 17th (so keep working to pay that extra amount).
Meanwhile, the Tax Policy Center estimates that 47 percent of households will owe no federal income tax for the 2009 tax year.
And finally the national debt is currently running about $13 trillion, which amounts to about $116,000 per each taxpaying citizen.
So as we say in the business, “Happy Returns.”
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