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Not quite tax freedom day.(INSIDER REPORT)
The Tax Foundation pronounced that this year's Tax Freedom Day falls on April 17. Tax Freedom Day is the day on which the average American, if he were required to pay off all of his taxes before collecting any income himself, would finally be able to start working for himself.
Based upon an average of state, local, and federal taxes, the Tax Foundation estimates that people in the United States will pay 29.1 percent of their income in taxes, enabling the Foundation to compute the date of April 17. Of course, certain states have higher tax rates than others, and so their citizens would need more days to pay off their tax burden than would those living in states with low tax rates.
According to the Tax Foundation, Connecticut residents, who have the highest tax burden, will on average have to work until May 3 to pay off their tax burden, and Alaska residents, who have the lowest state and local taxes, will be paid up on April 2.
But before you mark your calendars and plan celebrations, realize that the ...
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Source: HighBeam Research, Not quite tax freedom day.(INSIDER REPORT)