Tax Freedom Day in the U.S. marks the point in the year when the nation has collectively earned enough income to cover its total tax burden.
In 2024, Tax Freedom Day is projected to fall on April 23rd. This date symbolizes that every dollar earned by Americans from January 1st until April 23rd is effectively used to pay federal, state, and local taxes.
For those of you with jobs, consider this: you’ve spent nearly four months of the year working just to cover your tax obligations to the government.
This raises an important question: what exactly does the government do with all the money it collects from us?
I’ll share some answers to that question in future posts.