This year, the deadline for filing 2011 taxes coincided with “Tax Freedom Day,” the day on which most Americans will have earned enough money to pay their 2012 tax bill.
For 2012, taxpayers needed 107 days of income to pay federal, state and local taxes at an estimated combined rate of 29.2 percent.
Americans may have earned enough money to pay this year’s taxes, but what happens in 2013 when several tax cuts expire? Experts say taxpayers may face “Taxmageddon” if Congress does not act to mitigate the impact.
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