Do you ever feel like you're working harder, and longer hours, just to hand over your money to Uncle Sam? Well, you are. The Tax Foundation says Americans will spend an average of 28% of their income to pay federal, state and local taxes this year.
Every year the Tax Foundation comes out with that mythical day that we stop paying the IRS and start working for ourselves. This year, Uncle Sam gets three more paydays out of us, on average. Americans will need to work 102 days -- more than three months -- just to earn enough to pay their tax bill. This year's Tax Freedom Day comes April 12, three days later than last year.
Each state has a different date due to incomes as well as higher or lower state and local taxes. Oklahoma's Tax Freedom Day this year is April 2. So on Saturday we'll be free of our 2011 tax burden.
That's a full month before Connecticut, and a week after Mississippi. The Tax Foundation blames the later arrival on rising incomes -- resulting in more income tax owed.
The latest date, on average, that Tax Freedom Day was ever celebrated was May 1, back in 2000.
Click here for a state-by-state glance at Tax Freedom Day.