Today is deadline day to file income tax returns, which makes it a perfect day to ponder this question: Do you believe you’re getting a good return on your investment in government?
Meantime, JLF’s Sarah Curry looks at the dollars for us, and how long it takes us to pay our tax debt.
According to the Tax Foundation, North Carolina taxpayers experienced their Tax Freedom Day this Monday, April 14, four days later than last year. Here are the corresponding Tax Freedom Days for our neighboring states:
- Tennessee, April 5
- South Carolina, April 9
- Georgia, April 12
- Virginia, April 24
The total tax burden imposed on residents of different states varies considerably. The federal tax system is progressive, meaning the more you earn, the more you pay. States also have their own tax policies, which tax people at different rates and on different sources of income. These two factors are the main reasons why the Tax Freedom Day varies from state to state. For 2014, Connecticut and New Jersey have the latest dates of May 9, and Louisiana residents enjoyed the earliest Tax Freedom Day on March 30.
Thankfully, here in North Carolina, the Republican legislature and governor have passed tax reform, which flattens and reduces our taxes. We owe the fiscal conservatives a big thank you.
