Tax Freedom Day Arrives April 17th Nationwide, a Day Later in Pennsylvania
The Tax Foundation has calculated this year’s Tax Freedom Day and it’s April 17th, the same day as the deadline to file your state and local income taxes.
Tax Freedom Day is the point at which you’ve satisfied your total tax burden. It differs for each state, but the national date this year is four days later than last year. The Foundation says the later date is due to mainly to increased federal personal and corporate income tax collections, due to the rebounding economy.
Dr. William McBride, an economist with the Tax Foundation, says Americans will pay more in taxes in 2012 than they’ll spend on food, clothing and housing combined.
McBride says if you added in federal deficit spending, Americans would have to work 27 more days to cover that bill. He says Tax Freedom Day would have been three days later this year, if it were not for the extension of the payroll tax holiday.
McBride says the total tax burden varies by state, but residents face a higher total federal tax burden. He says it takes on average 69 days to pay the federal tax burden and 38 days to pay the state and local tax burden.
Tax Freedom Day falls in Pennsylvania on April 18th. The earliest Tax Freedom Day in the U. S. was in Tennessee on March 31st and the latest is in Connecticut on May 5th.
