Oskaloosa.com

April 4, 2013

Tax Freedom Day approaching

MATT MILNER
CNHI

OTTUMWA — April 15 is the deadline for turning in your taxes. April 18 is Tax Freedom Day.

No, that doesn't mean you don't have to pay taxes after April 18. The day is calculated by the Tax Foundation as a way to illustrate how long people have to work to pay off the national tax bill. This year it falls on April 18.

According to the foundation, the U.S. tax bill this year comes to $2.6 trillion. That's the federal portion, anyway. States consume another $1.45 trillion. The combined total is equal to about 29.4 percent of the national income.

While the date comes later in 2013 than it has the past couple years, it's actually earlier than it was at the turn of the century. In 2000, the date was right at May 1.

A century ago the date was much, much earlier. In fact, until just a couple years before 1920 Americans paid off the tax bill in January.

Tax Freedom Day has fallen at varying times in April since about 1950.