WASHINGTON, April 13 (UPI) -- U.S. taxpayers, rejoice! Monday was Tax Freedom Day, marking the day when the nation as a whole, in theory, earned enough income to fund its annual tax burden.
The 2009 Tax Freedom Day, as calculated by the Tax Foundation in Washington, fell a full two weeks earlier this year than it did in 2007, the foundation said in a news release. It was eight days earlier than Tax Freedom Day in 2008.
The foundation attributed the advance to two factors: the recession, which reduced tax collections faster than it reduced income; and the stimulus package, which included a large temporary tax cuts for 2009 and 2010.
If the $1.5 trillion budget deficit were factored in, the foundation said Tax Freedom Day wouldn't be observed until May 29.