As he did in last year’s budget, President Obama has called for a cap on retirement accounts, even though the personal savings rate in America hovers in the low single digits. Obama has added a provision to encourage...
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- Five States Have Already Arrived at Their Tax Freedom Day
Five States Have Already Arrived at Their Tax Freedom Day
Today we released our annual Tax Freedom Day study. Tax Freedom Day--the day on which Americans have earned enough money to pay all federal, state, and local taxes for the year--will arrive on April 9 this year, the 99th day of 2010.
The national Tax Freedom Day is an average for all states, but Tax Freedom Day varies by state because each state taxes its residents differently and because the average income of taxpayers varies by state, which affects federal, state and local tax liabilities.
This year the earliest state Tax Freedom Days are in Alaska and Louisiana. Here is the list of states that have already arrived at their Tax Freedom Day:
- March 26th: Alaska (50th) and Louisiana (49th) residents worked 85 days to pay their federal, state and local tax bills.
- March 28th: Mississippi (48th) residents worked 87 days to pay all of their taxes in 2010.
- March 29th: South Dakota (47th) residents worked 88 days to pay all of their taxes in 2010.
- March 30th: West Virginia (46th) residents worked 89 days to pay all their taxes in 2010.
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