According to the Tax Foundation, the day comes a little earlier in Georgia than for Americans overall.
Tax Freedom Day
Monday, April 8, 2013
Wednesday, April 18, 2012
April 17, 2012, was tax freedom day. Will changes to the tax laws push the 2013 tax freedom day much further back in the year?
This year, the deadline for filing 2011 taxes coincided with “Tax Freedom Day,” the day on which most Americans will have earned enough money to pay their 2012 tax bill. For 2012, taxpayers needed 107 days of income to pay federal, state and local taxes at an estimated combined rate of 29.2 percent. Americans may have earned enough money to pay this year’s taxes, but what happens in 2013 when several tax cuts expire? Experts say taxpayers may face “Taxmageddon” if Congress does not act to mitigate the impact. The Tax Foundation warns the $500 billion tax increase set to go into effect on Jan. 1, 2013, could push tax freedom day to the end of April or even later. The Foundry, part of the Heritage Network, estimates the tax bill for the …