Florida TaxWatch Joins Taxpayers In Celebrating Taxpayer Independence Day - April 14Th, 2018
TALLAHASSEE, Fla. -
On Saturday, Floridians will celebrate the first day of the year where taxpayers are finally earning money for themselves and not for the tax collector. Taxpayer Independence Day, calculated by Florida TaxWatch, assumes that every dollar earned since January 1 goes to pay federal, state, and local obligations. This year it will take the average Florida family 103 out of 365 days—or almost three and half months—to satisfy its tax obligations. Looking at it another way—it takes two hours and 17 minutes of every eight-hour workday to earn enough to pay your taxes.
This year's Taxpayer Independence Day comes three days earlier than last year, when the date was April 17th. Florida’s economy is producing steady, but modest, growth in personal income, as well as state and local tax collections; however, the federal Tax Cuts and Jobs Act, which significantly reduced personal and corporate income taxes, is helping Floridians satisfy their tax obligations earlier this year.
"The new federal tax cuts, which will significantly reduce personal and corporate income taxes, is the main reason Taxpayer Independence Day is arriving three days earlier this year,” said Florida TaxWatch President and CEO Dominic M. Calabro. “Coupled with continuing tax cuts at the state level and steady growth in personal income, Floridians should have a bit more money left over after paying for their government."
Federal tax burden continues to have the largest impact on Floridians, as federal taxes comprise 69.0 percent of Floridians' federal, state, and local tax burden. For the average Floridian, the state tax burden is 16.8 percent and local tax burden is 14.2 percent of their total tax bill. Florida will contribute $285 billion in taxes to federal, state, and local governments in 2018—$7 billion more than last year.
“Taxes are Florida families’ single biggest expense, more than food, housing and clothing combined,” said Calabro. “It’s important that they are kept informed about the changing size of their tax bill, so they can decide if they are getting the government they pay for.”
For a full analysis, click here.