17-04-2012 21:05 4/16/12 - Behind on your taxes? The IRS is going after your passport. Josh recaps the Atascadero Tea Party, introduces congressional candidate Chris Mitchum and breaks down the race for the 5th District SLO County Supervisorial seat.
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Freedom Report: Tax Day Candidate Catch Up - Video
17-04-2012 21:31 Tax Freedom Day is the day in the year when you stop paying the government state local and federal taxes, you actually get to keep the money that you start earning. This year Utah's Tax Freedom Day happens to fall on Tuesday, April 17. Here is the script to the video: ROYCE VAN TASSELL: "Tax Freedom Day is the day in the year when you stop paying the government state local and federal taxes, you actually get to keep the money that you start earning. This year is April 17th. Across the country, because you have different tax rates and the progressivity of the Federal income tax, you have a different tax Freedom Day for each state." VOICE-OVER: Royce Van Tassell with Utah Taxpayers Association says this year Utah's Tax Freedom Day happens to fall on Tuesday, April 17, but it's not always on the same date. VAN TASSELL: "It fluctuates back and forth, it depends on tax collections and how strong the economy is and various changes at the state and local level. Between 2004 and 2007 the state enacted a $440 million income tax cut, and so that obviously is going to push things back a little bit." VOICE-OVER: Tennessee has the earliest Tax Freedom Day this year, on March 31, while Connecticut has the latest on May 5. Charlie Roberts, a public information officer at the Utah State Tax Commission, explains how much Utahns will be paying in taxes this year. CHARLIE ROBERTS: "They will be paying almost $15 billion in federal income employment and the state taxes. And for state taxes ...
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Utah and Tax Freedom Day 2012 - Video
If you are among the many people who avoids doing your tax return until the last minute, today is probably one of the most stressful days of the year. (Don't forget to file, or at least request an extension, by midnight tonight.) According to the conservative Tax Foundation, this is also a day for celebration: As of today, April 17, the average American worker has now worked enough in 2012 to pay all of his or her federal, state and local taxes for the year. The group calls the concept Tax Freedom Day, and it comes four days later than it did last year.
Missouri's taxes are lower than average, so Show-Me State residents could have celebrated their tax freedom 10 days ago, on April 7. Illinois residents have to work until April 23 to cover their full tax burden.
Like taxes in general, though, the Tax Freedom Day concept is controversial. The liberal Center on Budget and Policy Priorities points out that 80 percent of American households actually pay less than the "average" burden. It also contends that the very idea of tax "freedom" is flawed:
Few Americans would likely feel more free if Tax Freedom Day came earlier in the year because the federal government stopped providing for national security, ensuring homeland security, conducting food safety inspections, or testing prescription drugs.
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Filed your taxes yet? As of today, you've also worked enough to pay them
Tax tab:
$2.62T Americans will pay in federal taxes in 2012
$1.42T Americans will pay in state/local taxes in 2012
29.2% Estimated portion of American income as a whole going to taxes
107 Days of work it takes nation to pay 2012 taxes
110 Days of work it takes California to pay 2012 taxes
Source: National Tax Foundation
Tuesday wasn't just the deadline to pay last year''s taxes.
It also marked national Tax Freedom Day the symbolic date by which the Tax Foundation estimates Americans have made enough money to pay off their taxes for 2012.
This year it took 107 days for Americans to earn enough income to meet their federal, state and local tax obligations, according to the annual report by the Tax Foundation, a Washington, D.C.-based nonprofit research group. Thats four more days than it took to foot the tax bill in 2011 and represents about 29.2 percent of the nations total income.
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Californians work 110 days to pay tax bill
Published: Tuesday, April 17, 2012 at 8:01 a.m. Last Modified: Tuesday, April 17, 2012 at 8:01 a.m.
If youre a procrastinator, youre keenly aware that Tuesday is the deadline to file your federal income-tax return.
Its also Tax Freedom Day, signifying the number of days this year its 107 the average American must work just to pay off his federal, state and local taxes.
The Tax Foundation, a national nonprofit watchdog group, makes the calculation each year using the latest government data on income and taxes. Put another way, the average American works from Jan. 1 through April 17 just to make enough money to pay his or her tax bill.
In this years report, economist Will McBride also calculated how long Americans would have to work to close the federal governments $1 trillion budget deficit. It would take Americans until May 14 to earn enough money to pay that bill.
This year, Americans will pay $2.62 trillion in federal taxes and $1.42 trillion in state-local taxes out of $13.86 trillion in income, for a 29.2 percent tax bill, McBride said in a news release. That means taxpayers will pay more in taxes in 2012 than they will spend on food, clothing and housing
combined.
But Louisianans do have a bright side to look at. Tax Freedom Day fell on April 1 this year, tied with Mississippi for second-earliest in the country. Only Tennessee, at March 31, was earlier. Residents of places with earlier Tax Freedom Days have lower tax burdens than their peers in other states.
Historically, the date for Tax Freedom Day has fluctuated.
The latest-ever Tax Freedom Day was May 1, 2000 meaning Americans paid 33 percent of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9 percent of their income in taxes, and Tax Freedom Day arrived Jan. 22.
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La. celebrated Tax Freedom Day earlier than most