Every hard earned dollar--if you add up the cost for the year. That's the tax man's take from your wallet starting Janaury 1st.
According to the Washington-based Tax Foundation, National Tax Freedom Day this year falls on April 18th--five days later than it arrived last year.
"The fiscal cliff deal raised federal income taxes and payroll taxes--and those make up the largest portion of federal tax freedom day. There was also the Affordable Care Act Investment Tax, and the economy is also recovering a little bit--that means the government is collecting more in income taxes" said the foundation's Elizabeth Malm in explaining why the day will arrive later this year. She told 550 KTSA News tax freedom day for Texans arrives just a few days earlier.
"Texas' tax freedom day is April 10th--which ranks it 31st--which means it's at the bottom end--which is good" Malm said. That's one day earlier than one year ago.
Going forward though--Malm told 550 KTSA News she expects tax freedom days in the future to continue a trend of later arrivals--as more and more taxes are implemented and incurred.