National Tax Freedom Day
April 18, 2013
What the heck is Tax Freedom Day? Is that some new National U.S. Holiday or something?
Do you not have to pay taxes after that day or what? Well, not exactly, but that's not too far off really. Effectively, they are suggesting that you have basically worked for ALL of your Local, State and Federal taxes that are due by then.
Okay, for 2013, National "TAX FREEDOM DAY" in the United States is April 18, 2013 (for the 2014 date, come back here on March 31, 2014).
Hey wait, but that's over 3 months! That's right buster, OVER THREE MONTHS!!! Many people are working for "The Man" (in this case, "The Tax Man") for more than 90 days of the year!
Tax Freedom Day By State & Rank
You see, there's a tax research group in DC called the
Tax Foundation, and they've been studying taxes in the United States since 1937.
So they publish a report every year that basically suggests a specific day, both nationally and for every state where they "estimate" a date when Americans have made enough moolah to pay all of their Local, State and Federal tax obligations for that year.
Below is a Map of the U.S. depicting the rank for all 50 States for Tax Freedom Day. Now to better see where your state ranks, just click here or on the image below.
The information shown in the Map graphic is provided by the Tax Foundation and was published in April, 2013. Note: The number shown in parentheses ( ) for each State in the State Map below is the 1-50 rank for that State.
Mississippi and Louisiana are tied with a ranking of number 49, which means they are off the tax hook the earliest this year (March 29) as they have the lowest (local, state and federal) tax burden.
And while it's no big surprise, Connecticut is ranked number 1, meaning they have the highest (local, state and federal) tax burden and are last in the country (May 13) to un-stick themselves from the GIANT "Tax Magnet."
Obviously, the States with the highest Tax Burdens work the longest until they FINALLY get to enjoy their TAX FREEDOM DAY!
In reality, who really knows if these dates represent what the average taxpayer pays because is there really an average taxpayer? If there was, we wouldn't have different tax rates, right?
In other words, at the end of the day -- sort of like a Crystal Ball -- you should take the actual dates reported with a grain of salt because what it really says is that a lot of people pay a lot of taxes.
And many people (can't really easily pinpoint who exactly) are working the first few months of the year for Local, State and Federal Governments.
At the National level, they've tracked this date every year back to the year 1900 but they didn't start tracking this freedom tax relief day for each state until 1990, when they had enough data.
If you want more details click here
to obtain and print a copy of a Tax Foundation Special Report on this subject.
The Tax Foundation updates their Annual Report each year in March so for next year, come back here on March 31, 2014.
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