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