Newspaper article Sarasota Herald Tribune

Plan to Celebrate April 20, Florida's 'Tax Freedom Day'

Newspaper article Sarasota Herald Tribune

Plan to Celebrate April 20, Florida's 'Tax Freedom Day'

Article excerpt

MARK DOWN APRIL 20 ON

your calendar.

That is "Tax Freedom Day" in Florida, when taxpayers have earned enough income to pay all their federal, state and local tax bills.

Yep, it will take 110 days this year for Floridians to handle their tax burden, according to the Tax Foundation, a nonpartisan research organization.

On the plus side, that's four days sooner than the nation as a whole. The national Tax Freedom Day, when all Americans collectively will have earned enough to pay their tax debts, is April 24.

Florida will be the 30th state to reach Tax Freedom day this year, up from 25th last year. Louisiana was earliest, on April 2, while Connecticut and New Jersey will be last, on May 13.

The national Tax Freedom Day is one day later this year, the Tax Foundation said, due primarily to steady economic growth that will boost federal tax revenue through corporate, payroll and individual income taxes.

"Tax Freedom Day gives us a vivid representation of how much we pay for the goods and services provided by governments at all levels," said Tax Foundation economist Kyle Pomerleau.

"Arguments can be made that the tax bill is too high or too low, but in order to have an honest discussion, it's important for taxpayers to understand cost of government," he said.

Americans will pay $3.3 trillion in federal and $1.5 trillion in state and local taxes, for a total bill topping $4.8 trillion, or 31.1 percent of the nation's income, according to the foundation.

If annual federal borrowing, which represents future taxes owed, were added in, Tax Freedom Day would occur 14 days later, on May 8, the group said.

Consumers will collectively spend more on taxes this year than on food, clothing, and housing combined.

Americans will work 43 days this year to pay their federal, state and local individual income taxes. Payroll taxes will take 26 days to pay, followed by 15 days for sales and excise taxes, 12 days for corporate income taxes and 11 days for property taxes. The remaining seven days are spent paying estate and inheritance taxes, customs duties and other taxes.

The day that Americans pay off their annual tax burden fluctuates. …

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