This year it’ll come on April 8. Yes, you only had to work 98 days year just to pay taxes. That’s the word from the Tax Foundation, via this story from the Atlanta Business Chronicle. This is also the same gang which rates Georgia as the 29th most favorable state for business based on tax rates.
Anyway, regarding the Tax Freedom Day:
To calculate the day, the nonpartisan Tax Foundation takes the official government figure for total tax collections and divides it by the nation’s total income. The foundation estimates that in 2010 taxes will amount to 26.89 percent of our income and the stretch of 99 days from January 1 to April 9 is 26.89 percent of the year.
This year’s national Tax Freedom Day is one day later than in 2009 but more than two weeks earlier than two years ago. Americans will pay more taxes in 2010 than they will spend on food, clothing and shelter combined, Tax Foundation said.
Full report here. And, while you are celebrating, please note that house prices in Atlanta fell 2 percent year-over-year in January and we’re only a few days away from learning which small town banks in Georgia have been shut down this week. Oh, the joy! No need for despair, though. Just keep this in mind.