Most have now earned enough for '83 tax bite
As of now - actually as of eight days ago - you are working for yourself. May 2 of this year was Tax Freedom Day, the date when, according to the Tax Foundation Inc., the average taxpayer finished paying all federal, state, and local taxes, assuming every penny earned from New Year's Day went to pay some form of tax.
As bad as it sounds, that is an improvement, the foundation says. This year, in fact, is the second consecutive one in which Tax Freedom Day has come earlier. The reversal is largely due to the Economic Recovery Tax Act of 1981. Last year's Tax Equity and Fiscal Responsibility Act, however, imposed $98 billion in revenue increases that prevented the day from being recorded sooner.
Looking at all this another way, the foundation figures that the average US worker spends 2 hours and 40 minutes a day toiling for some form of tax collector.