Each year the Tax Foundation puts together an estimate of when in the year high-income Americans — and residents in each state — have worked enough hours to pay their taxes on average. They have determined that Tax Freedom Day for 2019 to be April 16.
While the Center on Budget and Policy Priorities (CBPP) has debunked their methodology with precision, as the excerpt shows below, the fundamental error in this consideration of taxes is that it fails to account for the opportunities — and, indeed, freedoms — that are provided through investing our public dollars in opportunities for all. The very idea that one is more free when one works for themselves rather than for our collective well-being is flawed. It belies the reality that our own well-being is tied to that of our neighbor and that our economic strength comes from our ability to ensure every person can reach their full potential.
Of course, the Tax Foundation’s Tax Freedom Day calculation also goes a long way in demonstrating a fundamental problem with discussion of taxes in our country. These discussions too often happen without talking about who pays, and the evidence is clear that North Carolinians with middle- and low-incomes pay a greater share of their income in total state taxes than those in the top 1 percent. Read more