Tax Freedom Day falls later this 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."