Americans for Tax Reform today marks the annual Cost of Government Day, when the average taxpayer has earned enough for the year to pay his government obligations and start working for himself.
Cost of Government Day falls four days later in 2008 than last year’s revised date of July 12. In 2008, the average American will have to work an additional 17 days out of the year to pay off his or her cost of government compared to 2000, when the COGD was June 29.
In fact, since 1977, COGD has fallen later than July 16 in only four of those 32 years – in 1982 and 1983, and in 1992 and 1993. The driving factor for this development is the fact that all components of the cost of government – federal spending, state and local spending, and regulation – are now increasing faster than national income.
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