Today Is ‘Tax Freedom Day’ In Washington State – Now, You Start Earning for Yourself!
If the tax system were set up like a high-interest mortgage or loan, until today everything you've made would go to the government!
Today is Tax Freedom Day in Washington state. Everything you've made since January 1st through today equals your annual tax burden. That's a lot! It's similar to a high-interest mortgage or loan. For some people they spend the first 3-5 years or longer just paying interest alone on their debt. They don't start touching the principle until later.
This is kind of like that. Although the government doesn't take EVERYTHING up front, if they did, every dime until today would have gone to them.
The Tax Foundation, a non-profit watchdog group whose been overseen financial and tax related issues since the 1930's, has compiled the list of local, state and federal taxes for all 50 states. The burden owed by Washintonians is the equivalent, on average, of EVERYTHING you've earned on your job since January 1st.
Each year, the day creeps backwards on the calendar a day or two. This year's national Tax Freedom Day (the average of all 50 states) was 3 days later than last year.
For example, it took the average American the first 33 days of this year just to satisfy their federal income tax debt, and the it goes on from there.
Washington state has the 9th LATEST tax freedom day, out of 50 states. States like New York and New Jersey are among the latest, with tax freedom days in May. And government and public officials are wondering why people are fleeing those states like the Titanic!