Florida Taxpayer Independence Day 2024
In 2024, Floridians will spend an average of 107 days working to pay off their federal, state, and local tax obligations. This symbolic date, falling on April 18, highlights the significant tax burden faced by Florida taxpayers.
Key findings from the report include:
- Florida's total tax burden is estimated at $455 billion in 2024, with federal taxes accounting for 71%, state taxes 15%, and local taxes 14%.
- Over the past decade, total taxes paid by Floridians have increased by 90%, with local taxes growing the most at 105%.
- The average Florida household spends 2 hours and 21 minutes of each workday earning enough to pay taxes, making it their single largest expense.
- Floridians' effective buying power is expected to decrease slightly by 0.8% in 2024 due to tax growth outpacing personal income growth and the effects of inflation.
Despite the challenges, Florida's state tax burden remains one of the lowest in the nation, while the local tax burden is closer to the national average. The report also examines the factors contributing to the growth in state, local, and federal tax collections.
Download the full Florida Taxpayer Independence Day 2024 report to learn more about the tax landscape in Florida and its impact on taxpayers.