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Tax Freedom Day Arrives Sunday



By Bill O'Neil

Tax Freedom Day is almost here. 

Researchers at the Tax Foundation said the day arrives in Texas Sunday, April 13th this year. That's the symbolic day on which Texans will have collectively earned enough cash to pay off their yearly tax burden. The Foundation's Lyman Stone told 550 KTSA News here are a couple of different factors at play.  

"Texas has very low state and local taxes--but also, income is a major factor. Texas has higher income than many of the other low tax states" Stone said, pointing to why Texas will be the 18th state in the union to reach the date this year. 

Overall, Stone said all Americans are feeling the burden of taxes these days.  

"Americans will pay $4.5 trillion in taxes this year--versus only $4.3 trillion on food, clothing, and housing combined" Stone said.  


 

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Topics : Social Issues
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Locations : Texas
People : Lyman Stone
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