According to certain complex statistical calculation, it has taken over three months (from January to mid- April) for the “average” American in 2019 to work off the tax burden.
According to the Tax Foundation (taxfoundation.org) the average burden this year was 29% (compared to 2015’s average tax burden of 31.2%) Calculations of taxes include each dollar of income going to the government – counting all local, state and federal taxes.
Note that April 16 is the “average” date, since each state has their individual state freedom date.
The Tax Foundation
The Tax Foundation is headquartered in Washington, D.C. and collects date; performs statistical analysis and publishes research studies related to taxation. According to their website: “The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels.”
Go to the taxfoundation.org website to learn more about: tax exporting; tax burdens; legal incidence vs. economic incidence and tax burdens vs. tax collections. There is also a wealth of data about the implications of various tax bills and proposals.
Note: An interesting article* for small business owners on the taxfoundation.org website is an excellent pathway to learning more about WOTC (Work Opportunity Tax Credit and Jobs Act).
Also available on the website is data on individual “States Business Tax Climate 2019”. (Colorado ranked #18 on the Foundation’s listings of the” ten best and the ten worst business tax climates”. Wyoming ranked #1 as the best climate (for business); and New Jersey took the 50th spot as worst business climate.)
* Aug. 2, 2019, An Overview of the Work Opportunity Tax Credit by Chad Qian (under blog page)
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