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45 Tax Features 1 (2001)

handle is hein.tera/taxfeaturs0045 and id is 1 raw text is: TAX i~-1rl FOUNDATION TAX FEATURES www. taxfoundation, org Marcb-April 2001 Volume 45, Number 2 America to Celebrate Tax Freedom DayŽ on May 3, 2001 Latest-Ever Date Means U.S. Works 123 Days to Pay for Government America can celebrate Tax Freedom DayŽ on May 3, 2001.That means the nation's taxpayers have to work from January 1, 2001, to the 123rd day of the year before earning enough money to pay for government-federal, state Figure 1: Tax Freedom Days, 1980-2001 May 3 122 May 1* 120 - 118 Apr 28 pr2 116 Apr 26 Apr 24* 114 Apr 22 Apr 22 Ar2 112 Apr 21 Apr22 108 Apr 20 Apr8* 106 104 102 100 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99000' and local-and start spending money on themselves. (See Figure 1.) In Tax Foundation Special Report No. 104, America Celebrates Tax Freedom Day, economist Scott Moody explains the trend of With state-local tax burdens virtually unchanged in the last decade, the increase is entirely due to the rapid growth of federal tax collections. recent years toward later and later Tax Free- dom Days. (See Publication Summary.) Since 1992, says Moody, when Tax Free- dom Day fell on April 18, the total tax burden has grown markedly, requiring two extra weeks of work from American taxpayers. With state-local tax burdens virtually unchanged in the last decade, the increase is entirely due to the rapid growth of federal tax collections. Not since the era of the Vietnam War and President Johnson's Great Society programs has the tax burden been increased so much in such a short span of years. See [ax Freedom on page 4 The Urgent Need for a Large, Pro-Growth Federal Tax Cut Dick Armey (R-IX), Majority Leader, US. House of Representatives 6-7