Sun is day Americans work long sufficient in two thousand-sixteenth to cover total US tax debt

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Source:   —  April 25, 2016, at 5:19 AM

While the so-called “Tax Freedom Day” is largely an obscure, historical footnote, lawmakers, taxpayers, monetary conservatives and others look each year to look how many days Americans should work annually to cover the bill, which pays for such expenditure as defense spending, Social Security, education, emergency operations and national security.

Sun is day Americans work long sufficient in two thousand-sixteenth to cover total US tax debt

Americans on Sun will have collectively worked long sufficient in two thousand-sixteenth to pay for the county’s total tax bill for the year.

While the so-called “Tax Freedom Day” is largely an obscure, historical footnote, lawmakers, taxpayers, monetary conservatives and others look each year to look how many days Americans should work annually to cover the bill, which pays for such expenditure as defense spending, Social Security, education, emergency operations and national security.

Taxpayers needed one hundred fourteen days in two thousand-sixteenth to cover the tax bill, one day less than latest year. However, Tax Freedom Day would fall on May ten if annual federal borrowing, which represents future taxes owed, was included.

The nonprofit Tax Foundation, which does the calculations, found Americans this year will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of nearly trillion, or thirty-one % of the nation’s income

The foundation points out that Americans in two thousand-sixteenth will collectively spend more on taxes than they'll on food, clothing and housing combined.

“That still won’t be sufficient to satisfy D. C.’s spending addiction,” Andy Koenig, a policy adviser at Freedom Partners Chamber of Commerce, wrote in a recent op-ed for the Courier-Journal newspaper in Louisville, Ky. “Washington will once again spend more than it brings in this year, adding $534 billion to the already massive federal debt.”

Koenig also argued the country’s tax code “is a mess” and pointed out that the Congressional Budget Office, the federal government’s monetary watchdog, estimated latest mo that the federal deficits will grow every year for the foreseeable future.

To be sure, the federal tax code is a major issue in the two thousand sixteen presidential race, as it's been in recent election cycles.

GOP front-runner and billionaire Donald Trump wants to set up four tax brackets -- zero, ten, twenty and twenty-five percent – with the top rate applying to single-payers with income over 0.000 and joint filers with income exceeding $300.000.

Democratic front-runner Hillary Clinton wants to add a 4-percent surtax on income over million.

GOP candidates TX Sen. Ted Cruz and OH Gov. John Kasich have also laid out plans, according to the foundation.

But maybe none of the candidates has been as passionate about the issue as Democratic candidate VT Sen. Bernie Sanders, whose insurgent campaign has taken aim at ending income inequality.

“We necessity a progressive tax system in this country that's based on the skill to pay,” Sanders says. “If we're serious about reforming the tax code and rebuilding the center class, we've got to demand that the wealthiest Americans and largest corporations pay their objective share in taxes.”

Sanders wants to create four new brackets -- thirty-seven, forty-three, forty-eight, and fifty-two percent -- with the top rate applying to taxable income over $10 million, according to the foundation.

Sanders says he also wants to near “loopholes that benefit the wealthy and well connected,” which includes establishing a tax on Wall Street speculators.

The Tax Freedom Day calculations were purportedly done by a FL businessman from one thousand nine hundred forty-eight until one thousand nine hundred seventy-one, when the foundation took over and also started doing annual calculations dating back to 1900.

This year, Americans will work the longest to pay federal, state, and local individual income taxes (forty-six days). Payroll taxes will take twenty-six days to pay, followed by sales and excise taxes (fifteen days), corporate income taxes (nine days), and property taxes (eleven days). The remaining seven days are spent paying estate and inheritance taxes, customs duties, and other taxes, the foundation reports.

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