by Ron Brzoska
April 28th, is Tax Freedom Day in Illinois. Tax Freedom Day is the day that you are finally working for yourself. Up until now, you have been working to earn the money to pay all of the taxes taken from you by the various units of government. It’s all about you now… after 117 days.
According to an article published by the Illinois Opportunity Project, Tax Freedom Day in Illinois is three days later this year than it was last year. The idea behind this is to provide a better illustration of tax burden. Just think, we are working for almost a third of a year before we are earning any money that gets to stay in our pockets.
Let’s break it down into a smaller bite. Rather than scaling to a year, let’s scale to a work week. You would be working all day Monday and for 49 minutes past lunch on Tuesday until you had earned enough in a week to pay your taxes. If we scale it down even smaller to a single eight-hour work day, you will need to work for 2 hours and 34 minutes before you are working for yourself. For me, this means that my first two meetings, my two cups of coffee, and my new bookings for the morning are done for the state. When my first hunger pangs remind me that lunch is near, I’m finally on my time. What does it mean for you?
Feeling taxed enough already?