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Tax Freedom Day

Residents of Florida and Oregon can breathe easier today.  Yes, today is Income Tax Day, but for Floridians and Oregonians it is also Tax Freedom Day.  As calculated by the Tax Foundation in Washington, D.C., every penny Floridians and Oregonians have made so far this year will go toward paying local, state and federal taxes.  Today you lucky Floridians and Oregonians begin to work for yourselves instead of your governments.

National Tax Freedom Day is April 18th.  According to the Tax Foundation, in 2013 Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes, for a total tax bill of $4.22 trillion or 29.4% of income.  Their full report is available here.

This is the map from the Tax Foundation showing the Tax Freedom Day for all states. Louisiana and Mississippi are the only states with Tax Freedom Day in March.  New Jersey, New York and Connecticut round out the bottom again this year with Tax Freedom Day in May.  Connecticut moved all the way back from May 5 last year to May 13 this year.  They must be aiming to be the first state with Tax Freedom Day in June.  Maybe next year.

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