Happy Tax Freedom Day! And if you’re thinking it feels early this year, you’re right…
In 2009, Tax Freedom Day in the US arrives on April 13, the earliest it’s appeared since 1967, according to the Tax Foundation. That’s more than a week earlier than last year and two weeks earlier than in 2007.
Tax Freedom Day marks the day that taxpayers have earned enough money to pay their taxes for the year. The idea was conceived in 1948 by Florida businessman Dallas Hostetler. Hostetler eventually transferred the trademarked day to the Tax Foundation, which has calculated Tax Freedom Day for various nations and the states ever since.
Why so early for the US this year? The recession and the stimulus package have combined to reduce the overall tax burden faster in 2009 (a trend that may continue through 2010). See?! A silver lining!
