Today Is Tax Freedom Day
It's actually earlier this year! Today, April 19 is Tax Freedom Day in the U.S. We Minnesotans will have to wait a while though. More later. Tax Freedom Day was April 22 last year. It's earlier this year due to the recent changes in federal tax law. Bottom line is we Americans will pay $3.4 trillion in federal taxes along with $1.8 trillion in state and local taxes. This works out to around 30% of the nation's income.
Now as for Minnesota, we have to wait a while. Our Tax Freedom Day doesn't come till Friday, April 27. We rank 46th on the list. Oofta. Our neighboring states include South Dakota at number 12 with Tax Freedom Day falling on April 10. Iowa is 32nd and they had their day on April 18. North Dakota at number 43 has their Tax Freedom Day on April 24.
The first state to celebrate was Alaska. They had their Tax Freedom Day way back on April 4.The poor New Yorker's come last and will have to wait until May 14 for their Tax Freedom Day.