India’s finance minister this week released a budget that includes, among other things, a five per cent reduction in the corporate income tax. Narendra Modi, the Prime Minister of India, won a landslide election last May...
- Tax Freedom Day® Press Event at New Jersey State House
Tax Freedom Day® Press Event at New Jersey State House
Tax Foundation Economists Will Detail Tax Burden in Garden State
Washington, D.C., May 1, 2013—Tax Foundation economists Elizabeth Malm and Kyle Pomerleau will speak at a press event at the State House in Trenton Thursday morning to preview the arrival of Tax Freedom Day in New Jersey. The event, sponsored by Americans for Prosperity-New Jersey, will also feature remarks by AFP-NJ's Steven Lonegan and state legislators.
Tax Freedom Day Press Event
Thursday, May 2, 11:00am-1:00pm
State House Annex, Committee Room 319
125 West State Street
Trenton, NJ 08608
Tax Freedom Day, the date on which Americans will have earned enough money to pay this year’s tax obligations at the federal, state, and local levels, will fall on May 4th for residents of New Jersey, the third latest date in the country. The nationwide date, as announced recently by the Tax Foundation, was Thursday, April 18th.
The total tax burden borne by residents of different states varies considerably, not only due to differing state tax policies, but also because of the steep progressivity of the federal tax system. This means higher-income states celebrate Tax Freedom Day later. New Jersey’s date of May 4th leaves only New York (May 6th) and Connecticut (May 13th) with later dates and thus higher total tax burdens. Residents of Louisiana and Mississippi will bear the lowest overall tax burden in 2013, with Tax Freedom Day having arrived for them on March 29th.
In the new study, “Tax Freedom Day 2013,” economists William McBride, Ph.D., Elizabeth Malm, and Kyle Pomerleau also calculate how long Americans would have to work in order to close the budget deficit. In order to pay for all spending in the current year, the government would need to raise an additional $833 billion in taxes, pushing Tax Freedom Day to May 9th.
“This year, Americans will work five days later than in 2012 to pay all of their taxes. The total tax bill at all levels comes to approximately $4.2 trillion, or 29.4% of their total income,” said McBride. “That means taxpayers will pay more in taxes in 2013 than they will spend on food, clothing, and housing combined.”
The Tax Foundation is a nonpartisan, nonprofit organization that has monitored fiscal policy at the federal, state and local levels since 1937. To schedule an interview, please contact Richard Morrison, the Tax Foundation’s Manager of Communications, at 202-464-5102 or firstname.lastname@example.org.
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