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Archive for April 6th, 2016

Tax Freedom Day

Posted by taxguru on April 6, 2016

Washington DC has its Emancipation Day holiday to mark the anniversary of the signing of the Compensated Emancipation Act, which president Abraham Lincoln signed on April 16, 1862 to free the slaves in DC.

Every year, the Tax Foundation calculates the symbolic annual end of our slavery to all of the taxes we have to pay with Tax Freedom Day (TFD).  Obviously the actual day people reach the freedom of working for themselves instead of working to feed the Tax Beasts is technically different for everyone.  However, as an average nationwide, Tax Foundation has calculated TFD as April 24 this year.  That would be April 25 if this weren’t a Leap Year.

What I found even more interesting is this picture of the Tax Freedom Day by State.  It shows that residents of Mississippi have the earliest TFD, April 5 and with the latest TFD, the prize goes to Connecticut, where TFD is May 21.

Tax Foundation’s announcement and summary of Tax Freedom Day

The full report – 4 page PDF

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