And here it comes, baby: Tax Freedom Day. Can you feel it? Can you feel all that freedom coming your way?
The fiscal wonks over at the Tax Foundation have strapped on their green eyeshades to determine that Tax Freedom Day in Arkansas lands just eight days from now, on April 11. That’s the day when put-upon taxpayers at last meet their obligations to the government and start taking home a little scratch for themselves.
The Natural State has the nation’s 31st latest Tax Freedom Day, so count your lucky stars you don’t live in New York or New Jersey, where you’re working for the tax man till early May.
Nationwide, the average is April 17. That’s a few days later than last year, due to higher tax collections sparked by a slowly recovering economy. The Tax Foundation adds:
As the economic recovery continues, the growth in individual incomes and corporate profits will increase tax revenues and push Tax Freedom Day ever later in the year. The latest ever Tax Freedom Day was May 1, 2000—meaning Americans paid 33.0% of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9% of their income in taxes, meaning Tax Freedom Day came on January 22.
America Celebrates Tax Freedom Day | Tax Foundation