Tax Freedom Day Coming Soon
April 19, 2017 Taxation in USA
The Tax Foundation has released its annual Tax Freedom Day report, showing the date that American taxpayers can stop working to pay the government, and can start working to pay themselves.
According to the latest calculations, the Tax Freedom Day in the USA in 2017 will fall on April 23rd, the 113th day of the year.
The total tax bill faced by taxpayers in the USA over the course of this year will be USD 5.1 trillion, which represents 31 percent of the nation’s income, and is made up of USD 3.5 trillion in federal taxes, and USD 1.6 trillion state and local taxes.
The total tax burden is more than the nation will collectively spend on food, clothing, and shelter combined.
It was noted that the calculation for Tax Freedom Day does not account for federal borrowing, and, if this factor was accounted for, then Tax Freedom Day would fall on May 7th.
The exact date of Tax Freedom Day changes between each state, with Massachusetts marking the day on April 5th, while Connecticut will see it on May 21st.