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Sunday Marks Day Americans Can Cover US Tax Debt

04-25-2016
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As of Sunday, Americans collectively will have worked long enough to pay the nation's total tax bill for the year.

"Tax Freedom Day" marks the day the Tax Foundation calculates that people have made enough money to pay income taxes, state and local taxes, and more.

According to the nonprofit foundation, in 2016, Americans will spend more on taxes than on housing, food and clothing combined.

The top presidential candidates have each offered tax plans. Republican candidates have ideas for cutting some business and individual taxes, while Democrats are talking about raising taxes on higher income earners.

Republican front-runner Donald Trump wants to set up tax brackets ranging from zero to 10, 20 and 25 percent. The top percentage includes single payers with annual incomes above $150,000 and people filing joint returns over $300,000.

Clinton says she would add a 4 percent surtax for annual income exceeding $5 million.

Bernie Sanders, who wants to close loopholes that benefit America's wealthiest citizens, is calling for a progressive tax system, with citizens and corporations earning above $10 million taxed at 52 percent.

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