Joe's Viewpoint: Tax Freedom Day
HATTIESBURG, MS (WDAM) - According to the Tax Foundation, today is Tax Freedom Day. It is defined as the day on which we as tax payers across the nation have earned enough money to pay the tax bill for the entire year. Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, getting us really close to 5 trillion, which equals 31 percent of our nation's income. We will spend more in taxes in 2015 than on the combined amounts spent on food, clothing and housing. What should concern us is that the federal government continues to mount huge debts even with the tremendous amount of taxes collected. The interest alone on the debt accounts for two-thirds of all federal spending. Clearly, we need to rein all of this in – both the collecting and the spending.
This is today's viewpoint.