Friday, May 09, 2003

Budget Woes: Tax Free day and Debt Free day.

You might have heard of tax free day. It's the day that is determined that to that point, every penny you have made would have gone to the Federal Government, on average. This year, "tax-free day" fell on April 29.

Congratulations! Every penny you make from that day forward goes into your pocket instead of the governments.

But, now that they have four months of our money?what do they do with it? Well, The Meatstack institute of Crazy Math has figured out what your work schedule was during that first quarter. Here it is:

January 1st 9 a.m. (sorry about having to work on a holiday) until January 23rd 5 p.m. your money went to Medicare-Medicaid.

January 24th 9 a.m. until February 17th 5 p.m. you worked for Social Security.

February 18th 9 a.m. through March 6th at 3 p.m. you labored for National Defense

March 6th at 3:01 p.m. until April 11th, you worked for "other."

Lastly, April 14th through April 29th, your tax dollars went towards the interest (only) of the National Debt.

Yup. You worked 11.9 days to just service the debt.

Percentages obtained from The Budget Explorer.

This is an excellent site. You can tinker with your own budget. Very nice.

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