Connecticut is once again home to the latest “Tax Freedom Day” in the nation ”“ May 5 ”“ representing the hypothetical day at which point residents would have paid off their total tax burden if devoting all earnings to that purpose since the start of the year.
The Tax Foundation counts federal, state and local taxes in its calculations. The Washington, D.C.-based organization set its national tax freedom day for April 17, with New York and New Jersey the next two tax-heavy states with a May 1 date.
Tax Freedom Day arrived earliest in Tennessee, March 31; Rhode Island residents fare best in the Northeast with a Tax Freedom Day of April 15.
The latest-ever national Tax Freedom Day occurred May 1, 2000, when Americans paid 33 percent of their income in taxes. This year, that tax obligation is down to 29.2 percent of earnings.
