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‘Tax Freedom Day’ will come 3 days later this year
Economy » For Utah, it arrives April 17; April 21 for rest of nation.
First Published Apr 09 2014 01:01 am • Last Updated Apr 09 2014 09:32 am

"Tax Freedom Day" — when a typical worker will have earned enough to pay his tax bill for the year if he spent money on nothing else — is falling three days later this year both in Utah and the nation.

In Utah, it will be on April 17 — after falling on April 13 in 2013, according to a study by the Tax Foundation, a nonprofit, nonpartisan tax research organization based in Washington, D.C.

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However, that is still earlier than average.

The national Tax Freedom day is on April 21, 111 days into the year. Last year, it was on April 18.

"Tax Freedom Day is three days later than last year due mainly to the country’s continued slow economic recovery," the Tax Foundation said.

Twenty-six states have earlier Tax Freedom Days than Utah this year.

The earliest, or best, among the states is in Louisiana on March 30. The latest, or worst, is in Connecticut and New Jersey on May 9.

For states surrounding Utah, Tax Freedom Day is on April 8 in New Mexico; April 11 in Idaho and Arizona; April 15 in Nevada; April 17 (like Utah) in Wyoming; and April 22 in Colorado.

The foundation says it now takes the nation’s workers 33 days to pay their federal income tax bill; 27 days to pay Social Security taxes; two days for federal excise taxes; eight days for federal corporate taxes; and four days for other federal taxes.

Also, it requires nine days for state and local income taxes; 13 days for local sales and excise taxes; 11 days for local property tax; a day for state and local corporate-income tax; and three days for other state and local taxes.

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The foundation says Tax Freedom Day would come even later if it included federal borrowing, which it says represents future taxes owed. It said with that, Tax Freedom day nationally would not occur until May 6.

The latest ever Tax Freedom Day was May 1, 2000, meaning Americans paid 33 percent of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9 percent of their income in taxes, meaning Tax Freedom Day came on January 22. There was no federal income tax at that time.

Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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