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Wednesday, April 16, 2014

You may think you paid your taxes yesterday, but you still have almost an entire week until Tax Freedom Day.

Tax Freedom Day is the day when the nation as a whole has earned enough money to pay off its total tax bill for the year.

Tax Freedom Day 2014 is April 21st, three days later than last year. In 2014, Americans will pay $3.0 trillion in federal taxes and $1.5 trillion in state taxes, for a total tax bill of $4.5 trillion, or 30.2 percent of income.



Today's Random Fact:

Inflation-adjusted federal tax revenues hit a record $1,320,793,000,000 in the first half of fiscal 2014, but the federal government still ran a $413,264,000,000 deficit during that time.

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Bonus Fact:

If someone reports their company for tax evasion in the U.S., he or she will receive 30 percent of the amount collected.