Oh Goodie! Less Than Two Weeks to Tax Freedom Day

The Tax Foundation was created to educate taxpayers about sound tax policy. Each year, the Tax Foundation calculates Tax Freedom Day. The results are in. This year, Tax Freedom Day 2012 is April 17th - four days later than the 2011 date. 

The tax burden borne by residents of different states will vary. Tax Freedom day for Iowa will arrive April 9th, ranking Iowa 37th overall. In 2011, Iowa’s Tax Freedom day was April 6th. 

Tax Freedom Day is when Americans finally have earned enough money to pay off their total tax bill for the year – federal, state and local. Tax Freedom Day gives an easy way to gauge the overall tax take. This year Iowans will work over three months to pay off their tax obligations. 

According to the Tax Foundation report, if the federal government were planning to collect enough taxes during 2012 to close the budget deficit, it would have to collect about $1.014 trillion more, and Tax Freedom Day would arrive on May 14 instead of April 17 adding an additional 27 days to the nation's work for government. 

According to the Tax Foundation report, five major categories of taxes dominate the tax burden. Individual income taxes (federal, state, local) require 40 days of work. Payroll taxes tax another 23 days of work. Sales and excise taxes take 15 days to pay off. Property taxes take 12 days. Finally, corporate income taxes take an additional 10 days. 

Tax Freedom Day has fluctuated significantly. The latest Tax Freedom Day was May 1, 2000 and a century earlier, in 1900, Tax Freedom Day arrived on January 22nd. 

Tennessee’s Tax Freedom Day, March 31st, will be the earliest on record. At the other end of the spectrum Connecticut will celebrate the last Tax Freedom Day on May 5th. Hopefully, this legislative session, Iowa can reduce our state tax burden and allow Iowans to celebrate Tax Freedom Day earlier next year. 

Legislative Forums

I will be participating in forums in Johnston and Grimes this Saturday, April 7th at the following times and locations: 

Grimes 10:30 am. to 11:30 am.: Gortz Haus 408 East 1st 

Johnston 12 pm. to 1 pm.: Rich’s Brew - 5800 Merle Hay Rd. 

Also I have one more public forum set in Urbandale with my friend, Rep. Scott Raecker. The forum is sponsored by the great Urbandale Chamber and will take place at 2900 Justin Drive, Suite L. on the following dates: 

Saturday, April 28: 10:30 am to noon 

Please join me when you can. If you cannot attend please email me at brad.zaun@legis.iowa.gov or call 515-281-3371. I am always interested in your opinion and it is truly an honor to serve y