by William McBride, Kyle Pomerleau, Elizabeth Malm
April 04, 2013
Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. This year, Tax Freedom Day is five days later than last year, due mainly to the fiscal cliff deal that raised federal taxes on individual income and payroll. Additionally, the Affordable Care Act’s investment tax and excise tax went into effect. Finally, despite these tax increases, the economy is expected to continue its slow recovery, boosting profits, incomes, and tax revenues.