tax obligations

Question

Last year the average American workers worked 123 days to satisfy all tax obligations for the year. Why? I mean...why do they have to work that specific length of time to meet their "tax obligations"? I think tax obligations may just be somehting about paying tax, right?LCChang

Marius Hancu · Accepted Answer

Because their taxes represent 123/365, or whatever percentage that is, of their annual income

(there are 365 days in a year)

BarbaraPA · Answer

Yes, you have a 9+% Social Security tax, where I work a 4% state income tax, and for most people, about 10-30% federal income tax on your income (the percentage is higher as you earn more, and some people have no federal taxes at all), plus I have a 1% income tax for my local schools, plus our property tax on our house (about $3000), and then all the taxes that I pay when I make purchases. So all together, somewhere between 30-40% of my income goes to taxes.

Obviously, I don't turn over every paycheck for the first third of the year to the government and keep the remaining. Instead, in each check, some funds are deducted for income tax and each month I put some aside to pay the annual tax tax bills. But some organizations, who want to reduce taxes, make point of calcuating out how many days you would have to work if you did pay all your taxes first. Apparently, on average, it was 123 days. It must be based on a 365-day year instead of actual work days, because otherwise it's well over half of the work days, and I don't think it's that bad... or is it??

Clive · Answer

Hi,

I'd just like to add my thought that this is a somewhat political method of looking at the subject of tax. To me, there is a strong implication that, 123 or whatever the number of days is, it is too high.

Such a calculation ignores the benefits that the average citizen gains through paying taxes, eg schools, roads, social services, police, etc., etc.

Best wishes, Clive

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