Tax Freedom Day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden. It is annually calculated in the United States by the Tax Foundation—a Washington, D.C.-based tax research organization. Every dollar that is officially considered income by the government is counted, and every payment to the government that is officially considered a tax is counted. Taxes at all levels of government—local, state and federal—are included.
The concept of Tax Freedom Day was developed in 1948 by Florida businessman Dallas Hostetler, who trademarked the phrase "Tax Freedom Day" and calculated it each year for the next two decades. In 1971, Hostetler retired and transferred the trademark to the Tax Foundation. The Tax Foundation has calculated Tax Freedom Day for the United States ever since, using it as a tool for illustrating the proportion of national income diverted to fund the annual cost of government programs. In 1990, the Tax Foundation began calculating the specific Tax Freedom Day for each individual state.
Read more about Tax Freedom Day: United States, Tax Freedom Day Around The World, Tax Freedom Day For Workers in The European Union, Leap Year Effects, Purpose, Criticism
Famous quotes containing the words tax, freedom and/or day:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)
“To thee, fair Freedom! I retire
From flattery, cards, and dice, and din:
Nor art thou found in mansions higher
Than the low cot, or humble inn.
‘Tis here with boundless pow’r I reign;
And ev’ry health which I begin
Converts dull port to bright champagne;
Such Freedom crowns it, at an inn.”
—William Shenstone (1714–1763)
“Sir Richard cried in his English pride,
‘We have fought such a fight for a day and a night
As may never be fought again!
We have won great glory, my men!
And a day less or more
At sea or ashore,
We die—does it matter when?”
—Alfred Tennyson (1809–1892)