You won't be through with taxes for the year even if you beat today's midnight deadline for filing your federal return. The average American will have to work through May 5 to satisfy the tax collectors.
If that prediction by the Tax Foundation proves accurate, it will be the latest ``Tax Freedom Day' on record and two days later than 1989.The reason is simple, the non-partisan research organization said Sunday in announcing the mythical date: ``Tax increases will outpace the growth in individuals' income during 1990.'
Tax Freedom Day is the foundation's estimate of how long it would take an average person to pay state, federal and local taxes if all income went for taxes until they were all paid for the year 1990.
The Internal Revenue Service's toll-free lines will be operating today for filers with last-minute questions.