VIRGINIA BEACH, VA -- (Marketwired) -- 04/13/15 --
Liberty Tax, Inc. (NASDAQ: TAX)
Just days after Americans meet the tax filing deadline for 2014, they can break out the champagne and celebrate their freedom, tax freedom, that is. Tax Freedom Day is April 24, Liberty Tax reminds.
What's Tax Freedom Day? That's when the nation has paid off its tax bill for 2015, according to the Tax Foundation. And it's a whopper of a bill -- $4.85 trillion in federal, state and local taxes. It comes on the 114th day of the year and one day later than last year. That's because the economy is growing and, you guessed it, tax revenue is expected to rise. Although national Tax Freedom Day is April 24, individual states reach their freedom days earlier or later, based on the state's tax burden.
Americans collectively pay more in taxes than they do for food, clothing and housing combined.
Here are some other interesting tax freedom tidbits, courtesy of the Tax Foundation.
- Latest Tax Freedom Day, so far - May 1, 2000
- First state to reach tax freedom this year - Louisiana on April 2
- Last state to reach tax freedom this year - Connecticut and New Jersey on May 13
- Add in federal borrowing, and Tax Freedom Day doesn't arrive until May 8
On April 24, with our tax commitments taken care of, Americans can start working to pay themselves. That's something to celebrate.
About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,300 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
Source: Liberty Tax, Inc.