We’ve been waiting to learn when Tax Freedom Day will be. The Tax Foundation has finally released the date for this year. It’s April 21, three days later than last year.
Tax Freedom Day is the day when we all have worked long enough to pay all our federal, state and local taxes. Americans, as a whole, will spend 42 days working to pay off income taxes, 15 days for excise taxes, and 11 days for property taxes. That doesn’t include social insurance taxes (Social Security and Medicare) or corporate taxes or other federal and state taxes.) That’s where we get the rest of the 111 days until April 21.
Tax Freedom Day arrived for West Virginians on April 10. That’s the day we who live in the Mountain State worked long enough to pay all our tax obligations. If we lived in Connecticut or New Jersey it would take us until May 9 to pay our tax obligations, but if we lived in Louisiana we would have worked long enough to have paid our taxes by March 30.