Tax Freedom Day Falls on April 24th

April 7, 2015 Taxation in USA

WASHINGTON D.C. – Tax Freedom Day in the USA will fall one day later in 2015 than in 2014.

Tax Freedom Day in the USA in 2015 will fall on April 24th, according to new research released by the non-government organization Tax Foundation.

In 2015 US taxpayers will pay out a total of USD 4.8 trillion in taxes, with USD 3.3 trillion coming from federal taxes, and USD 1.5 trillion in local and state taxes.

Tax Freedom Day will fall on the 114th day of the year, one day later than in the previous year, with the delay attributed to a small increase in the collection of corporate taxes, payroll taxes, and personal income taxes.

If the full effect of the government’s borrowing was taken into account, the date of Tax Freedom Day would be 14 days later on May 8th.

Tax Freedom Day is a hypothetical measure to illustrate how long an average taxpayer will need to work before earning enough income to pay off their entire tax bill.

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