Taxpayer Independence Day 2015
Monday, April 20, Florida TaxWatch celebrates Florida Taxpayer Independence Day 2015: the day Floridians are finally earning money for themselves and not for the tax collector. This symbolic date assumes that every dollar earned since January 1 goes to pay federal, state, and local tax obligations. In 2015, for the average Florida household, paying its taxes takes 110 out of 365 days, or more than three and a half months.
Taxpayer independence for Floridians comes one day later than it did last year, mostly due to steady growth in the recovering economy, which is increasing tax collections. Although Floridians’ personal income is also increasing, Floridians’ total tax bill is expected to rise a bit faster. This will be the fourth year in a row Taxpayer Independence Day has come later than the prior year, despite a commitment by the Florida Legislature to reduce taxes.
Florida will contribute $261 billion in taxes to federal, state and local governments in 2015, $14 billion more than last year.