Happy Tax Freedom Day

Good morning America! Wherever you are it is a beautiful day because for the first time in 2010 you are truly free! According to the Tax Foundation from January 1, 2010 until April 9, 2010 you were working for the government--federal, state, county, school district, city, park district, arts district... Yep, all the money you earned during this time--over a quarter of your income--was turned over to the government in the form of taxes."Americans will pay more taxes in 2010 than they will spend on food, clothing and shelter combined," according to the Tax Foundation. Compared to last year This year's Tax Freedom Day is one day later than in 2009, but more than two weeks earlier than in 2007. The shift toward a lower tax burden since 2007 has been driven by three factors: (1) The recession has reduced tax collections even faster than it has reduced income; (2) President Obama and the Congress have enacted large but temporary income tax cuts for 2009 and 2010, just as...(Read Full Post)