It Will Take 107 Days Of Work To Pay Taxes This Year

You live, you die and you pay taxes . . . a lot of taxes!  Tax Freedom Day is April 17th this year, which means more than three months of your hard earned income goes towards taxes.

Tax Freedom Day is the day that if you would be able to keep your money if you dedicated your salary to taxes starting January 1st.

Americans will spend an average of 29% of their income on federal, state and local taxes in 2012, the Tax Foundation announced Monday. That's more than the average family spends on food, clothing and housing combined, the organization said.

This year's Tax Freedom Day is still about a couple of weeks earlier than the latest one on record, which occurred on May 1, 2000. During that time, the economy was booming and Americans paid 33% of their total income in taxes.

So my question is, after paying all this money, how can people still owe at the end of the year?