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How to start investing Buying shares in a diversified mutual fund, not picking individual stocks, is a safe way to begin investing. Play 12 ways to cut your taxes 30 yr fixed jumbo mtg 5.37% Haven't filed yet? No rush $10K MMA 0.79% Tax Freedom Day arriving one day later than it did last year means most Americans will have to work that much harder -- for more than three months -- just to pay their 2010 taxes. Hot List Facebook Digg PrintEmail Twitter Buzz Up! 6 month CD 0.76% The Buzz Keyword
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You owe the IRS 99 days of hard work
NEW YORK (CNNMoney.com) -- This year, it's going to take the average
American 99 days to earn enough money to pay the IRS. That's one day
longer than last year.
"Tax Freedom Day" marks the date that most Americans have earned
enough money to pay their federal, state and local taxes, and this year that
day arrives on April 9, according to the Tax Foundation's annual
calculation, which is based on government tax and income data.
Tax Freedom Day arriving one day
later than it did last year means
most Americans will have to work
that much harder -- for more than
three months -- just to pay their
2010 taxes.
The number of days Americans
have to work to pay off their taxes
has declined steadily since 2007.
That's due to a handful of tax cuts,
certain income tax provisions that
were repealed for 2010 and
because the recession has reduced
tax collections faster than it has cut
income, according to the Tax
Foundation.
But while it will take people less time
to earn the money this year than it
did in 2007, Americans will still
spend more on taxes in 2010 than
they will on food, clothing and shelter combined, the Tax Foundation said.
State-by-state: Each state has its own Tax Freedom Day. The day arrived
earliest in Alaska and Louisiana -- on March 26 -- because of "modest
incomes and low state and local tax burdens," the Tax Foundation said.
Mississippi, South Dakota and West Virginia celebrated soon after, on
March 28, March 29 and March 30, respectively.
Connecticut, the state with the highest per capita income, will be the last to
celebrate. Tax Freedom Day won't arrive until April 27, the 117th day of the
year.
New Jersey, New York, Maryland and Washington will join Connecticut as
the last states to celebrate. In these states, Tax Freedom Day will fall on
April 25, April 23, April 19 and April 15, in that order.
Homebuyer tax credit: 30 days left
Haven't filed yet? No rush
12 ways to cut your taxes
By Blake Ellis, staff reporter March 31, 2010: 2:43 PM ET
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First Published: March 30, 2010: 6:37 PM ET
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