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Tennessee beats most states to Tax Freedom Day

Published: 10:46 AM, 04/04/2013 Last updated: 10:59 AM, 04/04/2013
 


Source: The Newport Plain Talk

Washington, D.C.--Tax Freedom Day, the date on which Americans will have earned enough money to pay this year's tax obligations at the federal, state, and local levels, falls on April 2 for residents of Tennessee.

That gives taxpayers in the state the third-earliest Tax Freedom Day in the nation. The nationwide date for all Americans, as announced this week by the Tax Foundation, will be Thursday, April 18.

In the new Tax Foundation study, “Tax Freedom Day 2013,” economists William McBride, Ph.D., Elizabeth Malm, and Kyle Pomerleau also calculate how long Americans would have to work in order to close the federal budget deficit. In order to pay for all spending in the current year, the government would need to raise an additional $833 billion in taxes, pushing Tax Freedom Day to May 9th.

For more details, please see the Thursday edition of the Newport Plain Talk.

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