Americans work 4 months to pay this year’s taxes

From CNN.com:

NEW YORK (CNNMoney.com) — April 30 is the day that Americans can stop working to pay the taxman and start working for themselves, according to the Tax Foundation’s annual estimate dubbed “Tax freedom day.”

Tax freedom day is theoretical because it assumes we’ve been working 7 days a week since the start of the year, and that we don’t spend anything we make. The 120 days from Jan. 1 through April 30 represents the time it will take the nation as a whole to earn enough to pay off all of the taxes that will be levied against us this year.

Based on an 8-hour workday, the research group estimates that Americans as a whole work:

* 1 hour 43 minutes to pay all federal taxes (income, sales, etc.)
* 1 hour 22 minutes to pay for housing and household operations
* 1 hour 8 minutes to pay for health and medical care
* 52 minutes to pay all state and local taxes (income, sales, etc.)
* 51 minutes to pay “other” taxes
* 40 minutes to pay for food
* 39 minutes to pay for transportation
* 28 minutes to pay for recreation
* 17 minutes to pay for clothing