The OECD released their Revenue Statistics publication for 2015 this week, revealing the total tax revenue as a percent of GDP of the OECD countries has risen by 10 bases points. The increased tax revenue was driven by...
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- When is My State’s Tax Freedom Day?
When is My State’s Tax Freedom Day?
This year, Americans will pay approximately $3 trillion to the federal government and an additional $1.5 trillion to state and local governments for a total tax bill of $4.5 trillion. This will take the nation 111 days to pay, or until April 21st.
However, the tax burden borne by residents of different states varies considerably from this national average. Due to the combination of different state tax policies coupled with a state’s average income and its interaction with the federal government’s progressive tax system, state-by-state Tax Freedom Days can be earlier or later in the year.
States with high incomes and high state and local taxes, have Tax Freedom Days after the national date. This year, New Jersey will celebrates Tax Freedom Day the last on May 9th. This follows Connecticut by a few hours on the same day and New York on May 4th.
On the flip side, states with lower average personal incomes and low state-local tax burdens have earlier Tax Freedom Days. The earliest Tax Freedom Day is in Louisiana, which already occurred on March 30th. Mississippi follows on April 2nd, and South Dakota on April 4th.
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