On average, Americans have to work 120 days this year, 2 days more than 2006, in order to earn enough money to pay all federal, state and local taxes. This is more than the 105 days needed to pay for food, clothing and housing combined.
For 2007, Government at all levels will take an average of 32.7% of the nation’s income. This is down from the 34% high in 2006 and up from the 29.5% low in 2003.
Tax Freedom Day 2007 for New Jersey residents will be May 10th. NJ is #3, behind CT at May 20th and New York at May 16th. Oklahoma has the earliest Tax Freedom Day of the 50 states, April 12.
More detailed information on Tax Freedom Day is available at the Tax Foundation website.