Happy Tax Freedom Day!
We did it!
Today – April 24th – is the day Americans as a whole have worked long enough to pay off their tax bill for the year.
In 2015, American’s will pay $4.85 trillion in taxes of all kinds to federal, state, and local governments. This amounts to 31 percent of the nation’s income in 2015 and 114 days into the year.
Federal taxes account for $3.28 trillion of the tax bill, while state and local taxes are the remaining $1.57 trillion in taxes.
Individual income taxes at the federal, state, and local level are the largest share of total taxes and take 43 days to pay. Payroll taxes take the second most days (26 days), followed by sales and excise taxes (15 days), corporate income taxes (12 days), and property taxes (11 days). The final 7 days are spend paying estate and inheritance taxes, customs, duties, and other taxes.
In total, America will pay more in taxes in 2015 than it will on food, clothing, and housing combined.
Was this page helpful to you?
Thank You!
The Tax Foundation works hard to provide insightful tax policy analysis. Our work depends on support from members of the public like you. Would you consider contributing to our work?
Contribute to the Tax FoundationShare This Article!
Let us know how we can better serve you!
We work hard to make our analysis as useful as possible. Would you consider telling us more about how we can do better?
Give Us Feedback