Tax Freedom Day 2018 is Thursday, April 19, 2018
From the Chair of the Macomb County Taxpayers’ Association, Philis DeSaele (586-254-1284, email@example.com) citing the Tax Foundation.
“Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden,” said Philis DeSaele, Chair of the Macomb County Taxpayers’ Association (MCTA).
Key findings of the Tax Foundation:
1. Tax Freedom Day falls on April 19, 109 days into 2018
2. Tax Freedom Day will be three days earlier than it was in 2017, due in large part to the recent Tax Cuts and Jobs Act, which significantly lowered Federal individual and corporate income taxes law passed by Republicans without a single Democrat vote and signed by Republican Donald J. Trump on Decem-ber 22, 2017.
3. In 2018, Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of $5.2 trillion, or 30 percent of the nation’s income.
4. Americans will spend more on Federal, State and Local taxes in 2018 than they will on food, clothing, and housing combined!
5. If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 17 days later, on May 6th.
This year, Americans again will work the longest to pay federal, state, and local individual income taxes (44 days). Payroll taxes will take 26 days to pay, followed by sales and excise taxes (15 days), corporate income taxes (seven days), and property taxes (11 days). The remaining six days are spent paying estate and inheritance taxes, customs duties, and other taxes.
“Taxation is legalized theft,” said MCTA Chair DeSaele, “Working 109 days to pay for our government operations is too much. That’s why the Macomb County Taxpayers’ Association will research and survey candidates for the 2018 election cycle to protect hardworking American paychecks.”
The Macomb County Taxpayers’ Association is a Non-Partisan Organization focusing on lowering taxes and reducing government waste.
The Senate passed the final version on December 20 in a 51–48 vote and that final version was passed by the House of Representatives on that same day. The bill was signed into law by President Donald Trump on December 22, 2017.
Educational Information. Read the printable PDF document here.