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This is the last day in 2013 that Alaskans are working to pay their tax obligation.
The Tax Foundation says Tax Freedom Day in Alaska is Saturday. That’s the day on which we will have made enough money to pay our federal, state and local taxes and can start keeping what we earn for ourselves.
Americans as a whole will be working longer than those in the 49th state: Tax Freedom Day for all is calculated to fall on April 18. Overall, Americans spend 29.4 percent of their income on various government taxes.
Tax Freedom Day 2013 is five days later than it was a year ago, according to economist William McBride, one of three authors of this year’s study for the Tax Foundation.
But that is not as long as we’d be working if we were to take care of the federal deficit.
“In order to pay for all spending in the current year, the government would need to raise an additional $833 billion in taxes, pushing Tax Freedom Day to May 9,” the foundation reports.
The study breaks down which sorts of taxes require how many days’ work. Payroll taxes, for example, take 24 days; property taxes require 12 days of work. Individual income tax takes 40 days. (April 15 — three days before Tax Freedom Day — is the deadline for filing federal income tax returns — but anyone who applies for an extension is granted one automatically. Taxes are due April 15, but the paperwork can catch up with the money in October for those who file for extensions.)
Information about how work days and taxes relate can be found on the nonpartisan research group’s website at www.taxfreedomday.org.