According to The Tax Foundation this year’s Tax Freedom Day is more than two weeks earlier than in 2007. Which is the earliest it has fallen since 1965.
1) The recession has reduced tax collections even faster than it has reduced income;
2) President Obama and the Congress have enacted large but temporary income tax cuts for 2009 and 2010, just as President Bush did in 2008;
3) Two significant taxes were repealed for 2010 as part of previous legislation, the estate tax and the so-called PEP and Pease provisions of the income tax.