[jeffrey]

On April 17, 2005, you will have earned enough money to pay all of your taxes for 2005 according to the Tax Foundation, a non–profit tax policy research organization. The bad news, of course, is that every quarter, nickel and dime you've earned up to April 17 is required to pay for your taxes this year. The calculation for Tax Freedom Day is a helpful, although not always pleasant, way to see the amount of tax you are paying each year.

Tax freedom day comes a couple of days later than it did in 2004 when it was April 15. While this is not a good sign, it's still much earlier than in 2000, the year when the latest date for that tax freedom day was recorded on May 3rd.

The report calculates the number of days Americans work to pay off their taxes and also compares this to the number of days they must work to support themselves.




In 2005, Americans will have to work a total of 70 days to pay off their federal taxes and an additional 37 more days to pay off their state and local taxes for a combined total of 107 days of work to pay off their total taxes. This ends up being more days than are needed to pay for food, clothing and medical care combined. Or even more telling, it comes to 53.5 times the amount that the average family will save.

According to the report, this is how long it will take to pay off the following needs this year:

Federal Taxes - 70 days
Housing & Household Operations - 65 days
Medical Care - 52 days
Other Expenses - 42 days
State & Local Taxes - 37 days
Food - 31 days
Transportation - 31 days
Recreation - 22 days
Clothing & Accessories - 13 days
Savings - 2 days