Tax Freedom Day 2017

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

With our 2017 tax bills looming, it was a good time to look at the pain other countries suffer during their tax time.

According to the Tax Foundation, a tax research organization, Tax Freedom Day in the United States fell on April 24 in 2016. 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 on May 11, 2016 and New Jersey’s fell on May 12, 2016 (the longest wait of all the states).

There is another interesting website: www.dates.abouttravelingtheworld.com.

According to that site, in 2017 the United States Tax Freedom Day fell on April 9, 2017.

Other countries also keep track of their ‘tax freedom’ (some countries call it Tax Liberation Day).

A quick perusal of the website showed me that Norway, having July 29 as their ‘freedom day’, would have to wait the longest of any country to cover their tax debt collections.

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 tax; gasoline tax; tax on alcohol; wireless taxes, and property taxes– all of which can vary greatly.

For example, the highest state tax on cigarettes is in New York, at $4.35 per 20 pack (2016).

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.

Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World

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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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