The Tax Foundation recently announced that Tax Freedom Day will arrive on April 13 this year, the 103rd day of 2009.
That means Americans will work about three and a half months of the year, from January 1 to April 13, before they have earned enough money to pay this year's tax obligations at the federal, state and local levels.This is eight days earlier than in 2008, and a full two weeks earlier than in 2007, for two reasons:
- the recession has reduced tax collections even faster than it has reduced income, and
- the stimulus package includes large temporary tax cuts for 2009 and 2010.
Nevertheless, in 2009, Americans will pay more in taxes than they will spend on food, clothing and housing combined.
HOWEVER.....
Tax Freedom Day arrived, and passed, on January 11 this year, the 11th day of 2009, for US Virgin Islands EDC Beneficiaries. That means USVI EDC beneficiaries will work about two weeks of the year, from January 1 to January 11, before they have earned enough money to pay this year's tax obligations at the equivalent federal, state and local levels. That is like adding 3 months of gross income to your bottom line!
Tax Freedom Day arrived, and passed, on January 11 2009, for US Virgin Islands EDC Beneficiaries.
The US Virgin Islands EDC program offers various tax incentives, which include:
- 90% Exemption on Local Income Taxes (Federal equivalent)
- 90% Exemption on Dividends
- 100% Exemption on Gross Receipts Taxes
- 100% Exemption on Property Taxes
- 100% Exemption on Excise Taxes
- 1% Custom Duties
To learn how you can add three months of income to your bottom line from Clearwater Consulting Concepts services, call (340) 775-2888 or allow us to contact you by completing our web form.
