When Is Your State's Tax Freedom Day?
Residents have to work longer in some states than others to pay for their taxes. Your Tax Freedom Day is when you’ve earned enough in the year to pay your federal, state, and local taxes.
Read more: A Swipe at the IRS
That means, nationwide, Tax Freedom Day is April 24. By that day, the nation has earned enough to pay for the $4.99 trillion tax bill for 2016 — or 31 percent of the national income, according to the Tax Foundation.
But in some states, residents will need to work into May to see their tax freedom day, due to higher taxes and incomes. For example, residents of Connecticut have to wait until May 21; New Jersey waits until May 12; New York until May 11; and Massachusetts waits until May 5, according to the Tax Foundation.
On the other hand, some states reach their tax freedom day quickly, such as in Mississippi where they reach it by April 5; April 6 in Tennessee; and April 7 for most Louisiana residents, according to the Tax Foundation.
Source: “States Where People Work the Longest to Pay Taxes,” MarketWatch (April 17, 2016)
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