Each year Americans for Tax Reform releases its Cost of Government Day study, and 2012 is a very depressing year. According to the report, the average American taxpayer works 197 days out of the year to pay his or her share of the cost of local, state and federal government.
The report, Cost of Government Day, shows that Americans will work 88 days to pay for federal spending; 40 days for state and local spending; and 69 days for total regulatory costs.
“From a different perspective, the cost of government makes up 54.0 percent of annual gross domestic product (GDP),” reads the report. “What’s more, the largest tax hike in the nation’s history is scheduled to take place at the end of 2012 unless Congress acts to protect taxpayers. If this tax increase is allowed to hit, COGD [Cost of Government Day] could permanently be pushed back into August and beyond.” (Read More)
Taxpayers in New York, New Jersey and Connecticut (see page 6 of the report linked above) are already pushed by beyond August 1st to pay for government. So that leaves less than four months of work to pay for our own needs. But that’s how it’s rigged – in favor of the collective over the individual. But at the same time, the system is set up so many people are disinsentivized to work hard to achieve success, where it’s more lucrative to work less to collect more benefits. How long can we keep this up?