April 14 Marked Tax Freedom Day

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w9Staff Report

According to The Tax Foundation, a Washington, D.C. based non-partisan research group, it will take the average Delawarean one hundred and four days of work to pay off their total tax bill for the year including federal, state and local taxes. That means that on Sunday, April 14 employees and employers in Delaware started working to put money into their own pocket.

The Tax Foundation calculates Tax Freedom Day annually for each state and the nation as a whole using income and tax data reported by government agencies. The tax burden placed on Delawareans is the 21st highest in the nation, tied with Michigan, Hawaii, Vermont and Nevada. Mississippi and Louisiana had the earliest Tax Freedom Days on March 29, followed by Tennessee on April 2. The highest three states for taxation were Connecticut, which does not have its Tax Freedom Day until May 13, New York and New Jersey.

“Americans now pay more in taxes than they spend on food, clothing and housing combined,” said Tax Foundation economist Dr. William McBride. According to the foundation, Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes this year, for a total tax bill of $4.22 trillion, or 29.4 percent of income.

A member of the Delaware Financial Advisory Council, which is responsible for estimating state revenue, Representative Hudson said state spending continues to increase.

“Delawareans fared better than the nation as a whole,” Representative Hudson said, noting that national Tax Freedom Day is not marked until April 18.  “Still, no one should be doing handstands over the fact that our residents had to work for three-and-a-half months before they got to keep a dime of the money they earned.”

Although the 2012 Federal Taxes Return was due Monday, April 15, the 2012 State of Delaware Personal Income Tax is not due until Tuesday, April 30, 2013. For more information about Delaware Personal Income Tax and the Delaware Division of Revenue visit http://revenue.delaware.gov/.