Tax Freedom Day arrives in Illinois
More than two weeks later than Iowa, and a week later than the national tax freedom day, Illinois taxpayers have earned enough income to pay off their total taxes for 2014.
Illinois’ Tax Freedom Day is April 28, 2014, according to the Tax Foundation. That makes Illinois the 43rd state to reach the day when you’ve earned enough money at work to pay your total federal, state and local taxes for the year.
The later the day comes, the higher the tax burden was for taxpayers.
The Tax Foundation calculates Tax Freedom Day using census data and government budget projections. Tax Freedom Day was started in 1948, and state-by-state calculations have been published since 1990.
National Tax Freedom Day was April 21, 2014; that’s three days later than in 2013. The latest-ever national Tax Freedom Day happened May 1, 2000.
Iowa’s 2014 Tax Freedom Day was April 13.
The first state to reach Tax Freedom Day in 2014 was Louisiana on March 30. The last state forecast to reach Tax Freedom Day in 2014 is New Jersey, which will reach the day on May 9.