Today is the day Rhode Islanders stop working to pay their national, state, and local taxes and start working for themselves, according to calculations from the Tax Foundation. Below is an excerpt from our press release on this:
Tax Freedom Day-the day on which Americans stop working to pay for local, state, and national taxes-is April 12 in Rhode Island this year, three days later than the nation as a whole.
“Once again, when it comes to the burden government imposes on us, Rhode Island is out of whack with the rest of the nation,” said Bill Felkner, the president of the Ocean State Policy Research Institute. “We don’t think it’s any coincidence that Rhode Islanders have to worker harder to pay taxes and the fact that we are still in a recession while other states are starting their recovery.”
Tax Freedom Day is calculated by taking the amount of total tax collections and dividing it the country’s total income. However, the difference between what government is collecting and spending has reached its highest levels in 2009 and 2010 since 1948. Were deficits included, Americans would be working until May 17-the longest since World War II, according to the Tax Foundation, which conducts the annual calculations.
“We should enjoy this tax day while we can, because in the future they it be coming later in the year,” Felkner said. “With the economic stimulus program, the recent passage of the health care programs, and other expansions of government program, Americans will be working longer and harder to pay off the government’s debt.”
Click here to read more from the Tax Foundation.