What’s more difficult? Filing income tax returns or working hard to earn money to pay those taxes.
The good news is another tax filing deadline has come and gone. With the exception of those requesting extensions, the tedious chore of making all those calculations and completing all those forms is mercifully over for another year.
The bad news is that those of us in Colorado will have to work until April 25 to earn sufficient income to pay their taxes for next year. That’s when so-called Tax Freedom Day arrives in the state. That’s the day when taxpayers collectively have earned enough money to pay their federal, state and local taxes for the year. Nationwide, Tax Freedom Day comes on April 24.
The Tax Foundation — a nonprofit organization in Washington, D.C., that monitors government fiscal policy — calculates Tax Freedom Day each year as way to illustrate the cost of government.
For 2015, Americans will pay a total of $4.8 trillion in taxes, about 31 percent of all income earned in the country. That’s more, by the way, than what Americans will pay for housing, food and clothing combined.
That means Americans will have to work 114 days into the year to earn enough money pay their taxes, 43 days to earn sufficient pay for federal, state and local taxes alone.
While people might be tired out from the tax filing process, there’s no respite until April 25 when it comes to earning money to pay taxes. On that day, though, we can at least take some satisfaction in that we’ve endured another taxing experience.