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Show UTA declares lay 6 as 'Tax Freedom Day' "May 6th is 'Tax Freedom Day,' " according to Jack A. Olson, Executive Vice-President, Utah Taxpayers Association. "On May 6th, the average family will owe no more taxes of any kind if, from the beginning of the year they have used every dollar of income as fast as it was earned to pay taxes," he explained. Citing estimates furnished by the National Tax Foundation, Foun-dation, Olson said that after May 6th, the average American can start working for himself instead of Federal, state, and local governments. "Already more than a third of the way through the year, the date gets later and later. In 1975 the date was May 1st, in 1976 it fell on May 3rd, and in 1977 'Tax Freedom Day' was celebrated on May 4th." he said. When measured as part of each day, taxes this year steal 2 hours and 456 minutes out of the average taxpayer's eight-hour eight-hour work dayby far the largest item in the average household budget. Of the 2 hours worked each day to pay taxes, the Federal government requires one hour and 46 minutes while state and local taxes take 59 minutes. Taxes took one hour and 28 minutes out of each working day in 1938, one hour and 54 minutes in 1948, two hours and 11 minutes in 1958, and two hours and 35 minutes in 1968. The 1978 amount of two hours and 45 minutes is an all-time high. |
