Every year, the non-partisan Tax Foundation releases their updated data for Tax Freedom Day®. This marks the day that the nation as a whole has earned enough money to pay its total tax bill for the year.
According to the Tax Policy Foundation, “In 2015, Americans will pay $3.28 trillion in federal taxes and $1.57 trillion in state and local taxes, for a total tax bill of $4.85 trillion, or 31 percent of national income. This year, Tax Freedom Day falls on April 24, or 114 days into the year.”
In California, Tax Freedom Day®:
- Occurs on May 3rd
- Is the 4th latest Tax Freedom Day® in the nation
- Is 3 days later than last year
This report illustrates the high tax burden many California families and businesses are feeling. A certain level of tax revenue is necessary to provide the infrastructure and services that our communities require. However, the best way to accomplish this is to create more jobs, and therefore more taxpayers, which will lower the overall burden that each taxpayer bears. Member Harkey’s office is dedicated to meeting with businesses to make sure that the Board of Equalization is working with them to foster golden opportunities for Californians.
The full release can be viewed at the Tax Foundation website.