Nevada losing ground compared to rest of nation in reaching Tax Freedom Day

 

Tax Foundation map showing Tax Freedom Day in each state.

As Andy Koenig, senior policy advisor at Freedom Partners Chamber of Commerce, recounts today on the editorial page of the morning newspaper, your IRS taxes may be due today but you won’t be free from paying taxes until April 21 in Nevada.

That’s because, as the Tax Foundation calculates, until then, on average, every dime you earn goes to pay federal, state and local taxes.

“In calculating Tax Freedom Day for each state, we look at taxes borne by residents of that state, whether paid to the federal government, their own state or local governments, or governments of other states,” Tax Foundation’s methodology statement reads. “Where possible, we allocate tax burdens to each taxpayer’s state of residence.”

Nationally, tax Freedom Day falls on April 24, a full 15 days later than in 2010.

Nevada’s Tax Freedom Day is a full 19 days later than in 2010 — must have been something our elected officials did. And that doesn’t yet take into account the $1.4 billion Nevada lawmakers jacked up taxes in the 2015 Legislature that are just now taking effect.

Koenig relates the federal bite being taken out of our income:

Tax Freedom Day keeps getting pushed back because the government keeps taking more of our money. This year, Washington, D.C., is expected to rake in a record-breaking $3.36 trillion in tax revenue, $115 billion more than it did last year.

That still won’t be enough to satisfy D.C.’s spending addiction. Washington will once again spend more than it brings in this fiscal year, adding $534 billion to the already massive federal debt. Over the past two decades, both Republicans and Democrats have made countless promises while leaving you and me with the bill. The result has been out-of-control federal spending, which has fueled an unprecedented rise in the national debt from just over $5 trillion in 1996 to nearly $20 trillion today.

The wasteful spending is getting worse, too. Last month, the federal government’s fiscal watchdog — the Congressional Budget Office — estimated that D.C. deficits will grow every year for the foreseeable future. The annual shortfall will surpass $1 trillion within six years.

Tax Foundation calculates we pay more in the taxes than for food, housing and clothing combined.

If you don’t pay your taxes, you will be jailed and provided food, housing and clothing.

 

 

Advertisements

17 comments on “Nevada losing ground compared to rest of nation in reaching Tax Freedom Day

  1. Patrick says:

    “Ouch: if you’re an average American, you’ll pay about $17,340 in taxes—federal, state and local—this year, about 31.5% of your hard-earned money. Painful? Tell me about it. But as you write those fat checks, here are two surprising facts that might soften the blow: First, we really don’t pay much more than prior generations of Americans did, and second, we pay less—a lot less—than citizens of most other first-world nations.

    On the first point, the 31.5% burden for federal, state and local taxes, Americans paid about 26% during the 1950s, when Dwight Eisenhower was president. An increase of five percentage points over six decades isn’t exactly onerous—especially when you consider that the bulk of that increase is for things that will eventually go back in your pocket: future Social Security and Medicare benefits. Payroll taxes, which fund Social Security, were a lot lower in Ike’s day, and Medicare hadn’t even been created yet. Entitlements are three-fifths of federal spending, so if you think taxes are too high, I’m sure you’ll be the first to volunteer to give yours up, am I right?

    If you still think taxes are too high, try paying them elsewhere. The nonpartisan Tax Foundation notes that the average worker in the 34 countries that make up the Organization for Economic Co‑operation and Development part with 36% of their income—four-and-a-half percentage points more than us. In fact of those 34 countries—the OECD includes most of Europe, Japan, South Korea and Israel—24 of them pay more than us.”

    http://www.marketwatch.com/story/compared-to-most-countries-were-undertaxed-2016-04-18

  2. nyp says:

    Actually, most Americans pay more for food, clothing and housing than they do in taxes.

  3. The graphic doesn’t say anything about most Americans. It says all Americans.

  4. Rincon says:

    It isn’t how much you pay in taxes, it’s what you get for them. Most OECD tax rates include health care, but ours does not.

  5. Steve says:

    Rincon forgot college.
    It’s true other OECD countries tax the whole so the few can benefit.

    Here we (used to) have something called personal responsibility. It used to be enough to earn the minimum wage, it would pay for a college education and it lead to a much better wage.
    It used to be enough to maintain catastrophic health insurance coverage.
    Now we expect top tier services for no out of pocket expense, which causes ever rising health insurance premiums.

    We used to live within our means, today we chase our tails thinking its all free because we never really see the true costs involved.

    Now, once “Tax Freedom” day has come and gone, do I get to keep all of my gross pay?
    Uh-huh, thought so, even “Tax Freedom” day isn’t free!

  6. Rincon says:

    I just ran across this in this week’s Economist: “Taxes are just 10-15% of GDP in most African countries.” So Conservatives want to be like Africa in at least 4 ways: Lower taxes, no gun laws, looser environmental standards and no social safety net. I guess conservative really is the opposite of progressive.

  7. Steve says:

    Africa, conservative with none of the responsibility.

    Good example of a false equivalency.

  8. Steve says:

    From Rincons selectively mentioned Economist article about the African continent and its various economies and political situations. Though this is a little more contextual;

    “Voters have real choices—one reason why policies have improved.”

    “The proportion of Africans living in absolute poverty has fallen from 58% to 41% since 2000. In that time primary-school enrolment (sic) has risen from 60% to 80%. Annual malaria deaths have fallen by more than 60%.”

    “Most countries in Africa are following sound economic policies, controlling government deficits and keeping inflation in check.”
    In the US: Inflation Check…deficits most definitely NOT Check. The Liberal version of drill baby, drill is PRINT baby, PRINT!

    And here is the whole sentence, Rincon decided needed to be shred of any of its original meaning.

    “Those that relied on mineral royalties must broaden their revenue bases: taxes are just 10-15% of GDP in most African countries.”

  9. If our taxes don’t cover healthcare, where is money coming from pay for ObamaCare subsidies, Medicare and Medicaid? I seem to recall a 2.9 percent payroll deduction for Medicare alone.

  10. Rincon says:

    Sloppy of me, Thomas. I thought it would be understood. Let me rephrase.
    Historical NHE, 2014:

    NHE grew 5.3% to $3.0 trillion in 2014, or $9,523 per person, and accounted for 17.5% of Gross Domestic Product (GDP).
    Medicare spending grew 5.5% to $618.7 billion in 2014, or 20 percent of total NHE.
    Medicaid spending grew 11.0% to $495.8 billion in 2014, or 16 percent of total NHE.
    Private health insurance spending grew 4.4% to $991.0 billion in 2014, or 33 percent of total NHE.
    Out of pocket spending grew 1.3% to $329.8 billion in 2014, or 11 percent of total NHE.
    Hospital expenditures grew 4.1% to $971.8 billion in 2014, faster than the 3.5% growth in 2013.
    Physician and clinical services expenditures grew 4.6% to $603.7 billion in 2014, a faster growth than the 2.5% in 2013.
    Prescription drug spending increased 12.2% to $297.7 billion in 2014, faster than the 2.4% growth in 2013.
    The largest shares of total health spending were sponsored by households (28 percent) and the federal government (28 percent). The private business share of health spending accounted for 20 percent of total health care spending, state and local governments accounted for 17 percent, and other private revenues accounted for 7 percent.
    https://www.cms.gov/research-statistics-data-and-systems/statistics-trends-and-reports/nationalhealthexpenddata/nhe-fact-sheet.html

    Bottom line: Medicare and Medicaid combined pay for 35% of our health care costs. The other 65% are from private sources and therefore, are not from taxes. My point, although needing clarification, stands.

  11. Rincon says:

    Steve, i “shredded” the original meaning of the sentence because it was a compound sentence. The second half of the sentence is not negated nor changed in it’s accuracy by the first half (the part before the colon). The fact stands as I clearly stated: Taxes in Africa amount to 10-15% of GDP. Thanks for looking up the article though. I would have gladly posted the whole thing, but there are limits to how much people want to read.

    As for your contention that Africa is improving due to capitalism (at least in part), I agree wholeheartedly. Capitalism, properly managed, is the best economic system in the world. The key is to manage it properly. Unmanaged capitalism is a terrible system because the number of those sharing the bulk of power diminishes with time due to the intrinsic nature of the system and the humans that utilize it.

  12. Steve says:

    That sentence states those countries are taxing their mineral deposits. You are trying to force a square peg into a flying saucer by using the most abused liberal tool in the arsenal, the redefinition tactic.

  13. Rincon says:

    You’re picking nits, Steve, Do you seriously contend that government services and tax revenues in African nations come close to those of OECD countries?
    Your use of the term, redefinition tactic is also without merit.

  14. Steve says:

    No, I am being contextual, you are picking cherry’s and ASSuming.

  15. Rincon says:

    Good night Steve.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s