Tax Freedom Day -- the day when Americans will have earned enough to pay their total tax bill for the year -- won’t occur until April 18 this year, five days later than last year, according to the nonprofit think tank that compiles it. And American taxpayers will spend more in taxes in 2013 than they will on food, clothing, and housing combined.
To compute Tax Freedom Day, economists at the Tax Foundation divide all federal, state and local taxes by the nation’s income. They use federal budget projections, data from the U.S. Census Bureau and the Bureau of Economic Analysis, and projections of state and local taxes.
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