Tax Freedom Day Late Again for California
Californians who have filed their income tax returns by the April 18 deadline will unfortunately have to wait eight days longer than the rest of the nation until they’ve collectively earned enough money to pay off their total tax bill for the year.
Tax Freedom Day, calculated annually by the Tax Foundation, is the day when Americans have earned enough money to pay their taxes at the federal, state and local levels.
Nationally, Tax Freedom Day lands on April 23, but for California it lands on May 1.
“For some lawmakers, this terrible distinction seems to be a badge of honor,” said Board of Equalization Vice Chair George Runner. “With liberal politicians recently voting to increase gas and car taxes, I fear this day will come even later next year for hardworking taxpayers.”
According to the Tax Foundation, Americans will pay $3.5 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total tax bill of $5.1 trillion, or 31 percent of national income. That’s more than Americans will collectively spend on food, clothing and housing combined.
Compared to other states, California’s Tax Freedom Day is one of the latest in the nation. Only Massachusetts, New York, New Jersey and Connecticut have later dates.
George Runner represents more than nine million Californians as an elected member of the State Board of Equalization. For more information, visit www.boe.ca.gov/Runner.