Tax Freedom Day Comes Later

The Tax Foundation reports that Tax Freedom Day comes 4 days later than last year. Tax Freedom Day, April 17 this year, is the date on which you have earned enough money to pay your taxes. In other words, you (like the average taxpayer) must work 107 days to cover your federal tax obligation; the balance of the year they are working for yourself.

Depending on which state you live in, Tax Freedom Day may come much later. For example, those living in New Jersey and New York will not see their Tax Freedom Day until May 1.

Tax Freedom Day was a concept conceived by Dallas Hostetler, a Florida businessman, in 1948. When he retired in 1971, he deeded the concept to the Tax Foundation.