Tax Freedom Day falls later this year

The Tax Foundation on Wednesday declared April 9 to be "Tax Freedom Day," the day when workers have earned enough to pay all federal, state and local taxes for the year.

Americans will work for more than 3 months to pay their taxes. This is more than they will work to afford food, shelter and clothing - combined -- for the year, according to the Foundation.

Freedom Day arrives one day later than in 2009.  As the Obama  administration attempts to lower deficits, in part by raising taxes, the Foundation predicts future Freedom Days will fall later in the year. The Foundation does not include deficit reduction in its calculation. If efforts to close the $1.3 trillion federal budget deficit were thrown into the mix, the Foundation predicts Tax Freedom Day would fall on May 17 -- an additional 38 days of work.

"This May 17 date... is the second latest since World War II," the Foundation stated in a release. "Only in 2009 was it later, when an unprecedented budget deficit of close to $1.5 trillion produced a deficit-inclusive date of May 21."