April 8, 2014 2:35 pm

Proposal to Expand the Earned Income Credit

Tax Freedom Day is April 21, which is three days later than last year. This is the day that the Tax Foundation computes as the time when the entire nation has paid enough to satisfy tax obligations for the year. Other interesting tax stats:

  • Americans will pay $3 trillion in federal taxes and $1.5 trillion in state taxes for 2014.
  • Tax payments will amount to 30.2% of income in 2014.

Tax Freedom Day may be earlier or later for individuals when their state taxes are factored in. For example, it was on March 30 for those in Louisiana; it won’t arrive until May 9 for those in Connecticut and New Jersey. Find a map to link to your state at here.

Source: http://taxfoundation.org/article/tax-freedom-day-2014-april-21-three-days-later-last-year

Tax Glossary

Annualized rate

A rate for a period of less than a year computed as though for a full year.

More terms