California’s ‘Tax Freedom Day’ Among Latest in Nation
SACRAMENTO, Calif., – Tax Freedom Day in California will come later this year than much of the country. According to Board of Equalization Vice Chair George Runner, this year California residents will work nine days longer than the national average to meet their annual tax obligation.
“California’s byzantine tax structure continues to create a difficult economic environment in which to live and work,” says Runner. “Unfortunately, Californians must work 123 days to pay their tax bill. We can do better.”
Tax Freedom Day, calculated annually by the Tax Foundation, is the day Americans have earned enough money to pay their annual tax obligations at the federal, state and local levels.
This year’s national Tax Freedom Day arrived on April 24. According to the Tax Foundation, Americans total tax bill comes to $4.8 trillion and collectively will spend more on taxes in 2015 than they will on food, clothing and housing combined.
Compared to other states, California’s Tax Freedom Day won’t arrive until May 3, the fourth latest in the nation. Only Connecticut, New Jersey and New York have later dates.
Learn more about Tax Freedom Day at www.taxfoundation.org/taxfreedomday.