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Michigan Tax Freedom Day Thursday

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LANSING (WKZO) -- This Thursday is Tax Freedom Day in Michigan. Lyman Stone, with the Tax Foundation, says that you can tell how much of a burden taxes are on Americans by how far into the year it takes them to earn enough money to be able to pay all of the taxes they'll be charged in 2014. That's why the concept of Tax Freedom Day was created.

"Tax Freedom Day is when America as a whole, or in this case, Michigan as a whole, has earned enough to pay its total tax bill for the year," Stone told WKZO. "What we mean by total tax bill is all federal taxes paid by folks in Michigan, and all state taxes."

Stone says that Michigan's Tax Freedom Day, April 17th, falls four days before National Tax Day, which is the average for all states. Overall, he said Michigan falls somewhere in the middle when it comes to the tax burden faced by residents. The first states to celebrate Tax Freedom Day this year were Louisiana, Mississippi, and South Dakota.

 

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