Freedom from Taxes - Tax Freedom Day for Iowans 2008

Many people are unaware of Tax Freedom Day, but it’s an important date to know. Tax Freedom Day marks the first day in the year when Americans no longer work to pay for their local, state, and federal government tax burden… and begin to work to pay for their own needs.

Iowans will celebrate Tax Freedom Day on April 16th this year.

On average, Americans will work 113 days this year to pay for their federal, state, and local taxes for 2008. But what about the other expenses we have to pay for during the year? Americans will spend an additional 60 days this year to pay for housing, 35 days for food, and another 13 days for clothing. We spend more time working each year to pay for taxes than we do for food, clothing, and shelter combined.

The 113 days it takes us to pay for the government’s bill this year is three days shorter than the previous two years. But what will it be next year? It is likely that Iowans will have to work longer to pay for their tax bill a year from now.

Last month, the Democrats in the United States House of Representatives—for a second year in a row—approved the largest tax increase in America’s 231 year history in the budget. Under their plan, it is estimated that Iowans will be burdened with an additional $2,778 in taxes to the federal government each year. This tax hike means $2,778 less will be available each year for Iowans and their families to spend on groceries, gasoline, the family vacation or their children’s college fund.

This past year we have seen the cost of living rise to historic levels in American history. Iowa families are already experiencing severe economic uncertainty. This record setting tax hike completely ignores current economic uncertainty and takes even more from hard working Iowan’s paychecks. It is a reckless policy by the leadership of Congress that will hamper any possible economic recovery.

The one ideal that I have always held in high regard during my service to Iowans in the United States Congress is that government exists to serve and work for the people, not the other way around.

George Washington, Thomas Jefferson and the other founders would shudder to know that the nation they worked to forge forces its citizens to work over 30 percent of the year just to pay for government. It is misguided. It is wrong. And a change in the “more taxes” mentality by the leadership in the United States Congress is long overdue for the sake of the hardworking people of this nation.

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association