Colorado Tax Freedom Day

I had written that Tax Freedom Day in the United States had passed relatively unheralded. Tax Freedom Day is the day that working Americans have earned enough to pay our $4.99 trillion 2016 tax bill.

According to the Tax Foundation, a tax research organization, Tax Freedom Day fell on April 24 this year. But I was interested to learn that this is not true in every state.

Yes, Tax Freedom Day can depend on the state where you reside. For those people in New York and New Jersey, they must wait the longest for their “freedom”.

New York’s Tax Freedom Day fell this year on May 11 and New Jersey’s fell on May 12 (the longest wait of all the states).

A word about the Tax Foundation (www.taxfoundation.org) – their website produces a collection of interesting data about taxes and their variations by State.  This includes state sales tax; cigarette; gasoline; alcohol; wireless, and property – all of which can vary gretatly.  For example, the highest state tax on cigarettes is in New York, at $4.35 per 20 pack.  So if you are curious about how your state tax compares with other states, the tax foundation site has some interesting data and also some historical perspectives.

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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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