Tax Freedom Day Falls on April 21 in USA
April 9, 2014 Taxation in USA
WASHINGTON D.C. – American taxpayers are now working 111 days a year just to pay off their annual tax obligations, which are now a bigger expense than an average family’s yearly spending on food, shelter, and clothing combined.
This year Tax Freedom Day in the USA falls on April 21st, three days later than in 2013, according to new information released on April 7th by the US based think tank Tax Foundation.
The Tax Foundation showed that in 2014 US individual taxpayers will require 111 days to earn enough to pay their annual tax obligations, spending approximately 30.2 percent of their entire annual income, significantly more than their cumulative spending on food, shelter, and clothing.
In general, average taxpayers will have to work 33 days to meet their federal income tax obligation, 27 days to pay their social insurance taxes, 13 days to cover sales and excise taxes, 9 days for state and local income taxes, with the remaining 29 days used to cover property taxes, excise taxes, and other smaller taxes.
The exact date of Tax Freedom Day varies from state to state based on the local tax burdens, with New Jersey and Connecticut both falling later in the year than any other state, on May 9th.
Photo by: John Morgan