"Our spending woes mean young Americans will spend most of their lives laboring to pay off past debts and promises rather than creating new opportunity."
WASHINGTON, April 18, 2013 /PRNewswire-USNewswire/ -- Generation Opportunity President Evan Feinberg, one of the first Millennials to run for Congress, issued the following statement on Tax Freedom Day, the day when the nation as a whole has earned enough money to pay off its total tax bill for the year:
"In order to fund the irresponsible spending habits of a bloated federal government, young people are compelled to pay up to a third of their hard-earned income in taxes. Not only did it take 4 months to pay off this year's tax burden, but that doesn't even count the trillion dollars we will borrow that young people will have to pay for later. Our spending woes mean young Americans will spend most of their lives laboring to pay off past debts and promises rather than creating new opportunity."
The federal government will reportedly collect more taxes in 2012 than any other year in American history, as the economy continues to struggle. The effective unemployment rate for 18- to 29-year-olds is 16.2 percent, meaning one out of every six young adults is out of work. Increased payroll taxes are taking an additional $600 away from those earning less than $40,000. Those under 35 have seen their wages fall by nearly $7,000 in the last decade.
For more information regarding Tax Freedom Day, visit the Tax Foundation.
Generation Opportunity is a national, non-partisan organization advocating for economic opportunity for young people through less government and more freedom.
David Pasch – 202-230-7947 | EMAIL
SOURCE Generation Opportunity