May 7 is the latest Tax Freedom Day ever. Though the Tax Foundation declared May 7 Tax Freedom Day last year also, since this year is a leap year, it actually took an extra day in 1996 to earn enough to cover all your taxes.
Some taxpayers have to wait even longer.
Some groups dispute the Tax Foundation's figures. One Washington think-tank, the Center on Budget and Policy Priorities, claims the Tax Foundation exaggerates its estimates. They point out that the portion of your tax money that goes to the federal government hasn't really gone up in the past 30 years. They claim Tax Freedom Day is March 12 for most taxpayers. It depends on how each calculates the average tax burden.