(KLTV/KTRE) - If you had to guess or even put a pencil to it, what would you say is the largest expense in the budgets for most Americans? Many would say a home mortgage, some would say college expense or just the expense of raising a child – and while each of those is significant, most people probably would not put taxes as one of the top two or three expense items.
But it is true. Tax Freedom Day hits sometime in April each year. This is the day where we have worked towards since January one to pay the average tax obligation. Americans pay roughly thirty-one percent of our income on taxes – to put it another way, you work three and a half months a year to pay for taxes.