Photo: Tax Freedom Day
This year, Tax Freedom Day will come four days later than last year in Illinois – now falling ironically on April 15. This year, Tax Freedom Day will come four days later than last year in Illinois – now falling ironically on April 15. This year, Tax Freedom Day will come four days later than last year in Illinois – now falling ironically on April 15.
According to the non-profit, non-partisan Tax Foundation, most U.S. taxpayers will reach Tax Freedom Day on April 12.
Illinois taxpayers will need to work three more days compared to other Americans before their Tax Freedom Day. This year’s tax freedom event also is four days later than last year when Illinois Tax Freedom Day came on April 11, 2010. Illinois citizens must now work longer for the government before providing for their families due to the recent 66% increase in the individual state income-tax rate.
Tax Day Basics: Taxes Cost More Than Food, Clothing, and Shelter Combined
The Foundation calculates Tax Freedom Day annually by measuring the number of days Americans need to work to pay for all their federal, state and local taxes. While most U.S. residents will need to work 102 days to pay all their taxes, Illinois residents have to work 105 days, giving Illinois the ninth latest Tax Freedom Day in the nation. Mississippi had the nation’s earliest “Tax Freedom Day” on March 26th and Connecticut will have the latest on May 2nd.
Despite federal tax reductions, the Foundation said Americans will pay more in taxes in 2011 than they will spend on groceries, clothing and shelter combined.
Overall, the Foundation said that taxes amount to 27.68 percent of all U.S. income, which is the same percentage of the year that the 102 days from Jan. 1 to April 12 represents, the report said.