Friday, July 18, 2008

Freedom From Taxes Day Has Arrived

ARRA News Service: As we face the shock of this day which used to come earlier in the year, let's review the facts related to the day in a post by Warner Todd Huston, Publius Forum: Yesterday was finally the end of the days this year when you were working to pay the government its exorbitant fees. That’s right, July 16 was Cost of Government Day for the average American. Grover Norquist . . . has once again crunched the numbers and determined how long it takes most of us to finally pay off our own personal bloated government debt and begin, at last, to make money for ourselves.
This year Americans have worked until today, July 16, to pay for the total costs of federal, state and local government. This is 197 days of the year consuming 53.9 percent of national income. Over the past 22 years, in only four years (1982, 1983, 1991 and 1992) did Cost of Government Day fall later in the year.
Its simply outrageous that it takes 197 days of a year to finally pay off our government obligations and utterly criminal that more than half our income is consumed by bloated, needless bureaucracy.
Federal spending will consume 83.7 days. State and local spending will consume 50.5 days effort. Federal regulations cost 4l.7 days and State regulations cost 20.9 days. The spending data is precise, the regulatory burdens are understated.
. . . Reagan was right. Lower taxes means pro-growth. Let’s hope the next president does not torpedo the relatively good economic times we’ve had these last 15 years in favor of higher, economy killing taxes. The burden on the taxpayer is far too much and regulation is stifling to us all. [More about Tax Freedom Day]

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