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  • It Was the Day After Tax Day..

    • 04/19/2016
    • ADB
    • 0 Comments

    That great sign you all heard last night was yet another Tax Day come to pass. Yes, Uncle Sam has exacted another pound of flesh from all of us. 

    So, if you are now crying in your beer over the tax forms you just labored over and the check you sent off to the government bottomless pit, let us here at American Bars give you a couple of more issues to cry over…and another reason to buy an additional round or two. 

    A tax advocacy group on Wednesday revealed that Americans spend more on taxes than their whole budget for food, clothing and housing. That probably extends to the beer you are crying over right now. 

    The Tax Foundation, in its annual report on when the nation as a whole has earned enough to pay its taxes, announced the date as April 24.  

    They used to call it Tax Freedom Day; the day when you finally get to keep what you earn rather than giving it all up to the government to squander. It used to end prior to Tax Day…now it reaches far beyond. Actually, at this point in the calendar year, you are still paying for it all. 

    This futility exercise gives all of us a vivid representation of how much federal, state, and local tax burden is collected each year to pay for government waste. Arguments can be made that the tax bill is too high or too low, but in order ‘we the people’ to have an honest discussion, it's important for taxpayers to understand the enormous cost of government. Tax Freedom Day helps people relate to that cost, no matter how painful it may happen to be. Yes, have another round before you read further. 

    Here come more misery: 

    — Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.

    — Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation's income. That’s right — one third of all you earn goes right to government. 

    — Tax Freedom Day is one day earlier than last year, due mainly to the Protecting America from Tax Hikes Act of 2015, which made several business and individual tax cuts permanent. If you don’t recall this, it is due to the fact the cuts were so minor as to not be noticed. 

    — If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.

    Your beer has been watered down from so many tears. Better have another round. 

    American Bars extends deepest sympathies to all American tax payers. 

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It Was the Day After Tax Day..

That great sign you all heard last night was yet another Tax Day come to pass. Yes, Uncle Sam has exacted another pound of flesh from all of us. 

So, if you are now crying in your beer over the tax forms you just labored over and the check you sent off to the government bottomless pit, let us here at American Bars give you a couple of more issues to cry over…and another reason to buy an additional round or two. 

A tax advocacy group on Wednesday revealed that Americans spend more on taxes than their whole budget for food, clothing and housing. That probably extends to the beer you are crying over right now. 

The Tax Foundation, in its annual report on when the nation as a whole has earned enough to pay its taxes, announced the date as April 24.  

They used to call it Tax Freedom Day; the day when you finally get to keep what you earn rather than giving it all up to the government to squander. It used to end prior to Tax Day…now it reaches far beyond. Actually, at this point in the calendar year, you are still paying for it all. 

This futility exercise gives all of us a vivid representation of how much federal, state, and local tax burden is collected each year to pay for government waste. Arguments can be made that the tax bill is too high or too low, but in order ‘we the people’ to have an honest discussion, it's important for taxpayers to understand the enormous cost of government. Tax Freedom Day helps people relate to that cost, no matter how painful it may happen to be. Yes, have another round before you read further. 

Here come more misery: 

— Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined.

— Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation's income. That’s right — one third of all you earn goes right to government. 

— Tax Freedom Day is one day earlier than last year, due mainly to the Protecting America from Tax Hikes Act of 2015, which made several business and individual tax cuts permanent. If you don’t recall this, it is due to the fact the cuts were so minor as to not be noticed. 

— If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 16 days later on May 10.

Your beer has been watered down from so many tears. Better have another round. 

American Bars extends deepest sympathies to all American tax payers. 

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