Tax Freedom Day 2015 Arrives in Montana on April 17
Montana’s Tax Freedom Day, the day when taxpayers in the state have collectively earned enough money to pay their federal, state and local tax bill for the year, will arrive on April 17. This makes it the 20th state to reach Tax Freedom Day in 2015. According to the annual report by the nonpartisan Tax Foundation, national Tax Freedom Day falls on April 24, 114 days into the year and nine days after the tax filing deadline.
Each state’s total federal, state and local tax burden varies greatly. Tax Freedom Day arrives earliest in Louisiana on April 2 and Mississippi on April 4. Connecticut and New Jersey will be the last to reach Tax Freedom Day this year on May 13.
Historically, the date for Tax Freedom Day has fluctuated significantly. The latest-ever Tax Freedom Day was May 1, 2000 – meaning that Americans paid 33% of their collective incomes towards taxes. A century earlier, in 1900, only 5.9% of national income was required to pay the tax bill, and Tax Freedom Day fell January 22.