Friday, April 10, 2015

Your States Tax Freedom Day by the Tax Foundation

Americans will collectively spend more on taxes in 2015 than they will on food, clothing, and housing combined
Washington, DC (Mar 31, 2015)—Tax Freedom Day, the day when the nation as a whole has earned enough money to pay its federal, state, and local tax bill for year, will arrive 114 days into the year on April 24, according to the annual report released this morning by the nonpartisan Tax Foundation.

“Tax Freedom Day gives us a vivid representation of how much we pay for the goods and services provided by governments at all levels,” said Tax Foundation Economist Kyle Pomerleau. “Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand cost of government. Tax Freedom Day helps people relate to that cost.” While the national date arrives nine days after the tax filing deadline, each state’s total federal, state, and local tax burden varies greatly. Tax Freedom Day arrives earliest in Louisiana on April 2 and Mississippi on April 4. On May 13, Connecticut and New Jersey will be the last states to reach Tax Freedom Day this year.