Every employed American must devote two hours and 26 minutes of their eight-hour work day just to pay their share of federal, state and local taxes, according to a new calculation from a prominent financial advisor.
“For the money we pay in taxes, the federal government could provide universal health coverage as well as feed and clothe us,” he wrote in a column for his company's blog. “They collect enough to pay for the basic needs of each and every American and yet don't. The government has a spending problem. We are already taxed enough. We need a budget that allows government to live within its means,” he added.
Using information from the Tax Foundation that said it takes the earnings of 2,654.4 hours of work a year to pay taxes off, Marotta broke down the number of hours required to pay each individual tax in his column provided in advance to Secrets.
— Overall, for an eight-hour workday, two hours and 26 minutes are needed to pay taxes. "Without taxes, you could leave your job every day at 2:34 p.m. and earn the same salary."
— One hour and seven minutes goes to pay corporate and personal income taxes, or 46.24 percent of the tax burden. "If the American people could keep these earnings, instead of turning them over to the federal, state and local governments, they could pay for almost all of their housing costs."
— 19 minutes for consumption taxes.
— 15 minutes for property taxes. "For the price of property taxes, average workers could purchase all of their clothing."
— About nine minutes to other taxes.
Marotta and co-author Megan Russell noted that the Tax Foundation set “Tax Freedom Day” as April 21, but said that "Deficit Day stretches an additional 15 days until May 6. This deficit spending and the money the government prints to pay for it produce the hidden tax of inflation."Paul Bedard, the Washington Examiner's "Washington Secrets" columnist, can be contacted at email@example.com.