While it may feel like taxes keep increasing every year, Americans will actually meet all their tax obligations for the year by Friday -- one day later than last year and more than two weeks earlier than in 2007, according to the Tax Foundation.
Every year, the group celebrates Tax Freedom Day, the day when Americans have earned enough money to pay all their federal, state and local taxes before they can pocket the rest of their earnings for the rest of the year.
This year's milestone arrives on the 99th day of the year, thanks to the economic recession and tax cuts, the group said.
"The recession has reduced tax collections even faster than it has reduced income," reads the group's Web site. "President Obama and the Congress have enacted large but temporary income tax cuts for 2009 and 2010, just as President Bush did in 2008."
The group said the repeal of the estate tax and two other income tax cut provisions -- passed in 2001 and set to expire at the end of thee year -- also contributed to the timing.
But the group added that despite these tax reductions, "Americans will pay more taxes in 2010 than they will spend on food, clothing and shelter combined."
The latest date that Tax Freedom Day has arrived since it was first calculated in 1948 was May 1 in 2000. But in recent years, stimulus tax cuts and a weakening economy have pushed the day earlier, the group said, adding that government spending has continued to grow.
The group does not count deficits in its calculation.
"If Americans were required to pay for all government spending this year, including the $1.3 trillion federal budget deficit, they would be working until May 17 before they had earned enough to pay their taxes -- an additional 38 days of work," the group said.
Tax Freedom Day is calculated by dividing the nation's total tax collections by the nation's total income. This year, the government is taking 26.89 percent of the nation's income, less than the 30.4 percent it took in 1980 and 1990 and the 33.6 percent in 2000.
The states with the earliest Tax Freedom Days are Alaska and Louisiana on March 26, because of modest incomes and low state and local tax burdens, the group said. Other early celebrators of Tax Freedom Day are Mississippi (March 28), South Dakota (March 29) and West Virginia (March 30).
Connecticut, with the highest income per capita in the country, has the latest Tax Freedom Day -- April 27. Not far behind are New Jersey (April 25), New York (April 23), Maryland (April 19) and Washington (April 15).