Taxes are due on Monday, which may seem a little early in Connecticut, where the average taxpayer has yet to work enough days or hours to pay off his or her tax bill for the year.
According to the folks at The Tax Foundation, Connecticut residents must work until May 13 this year in order to earn enough money to pay their total tax bill. That day, which the Foundation dubbed “Tax Freedom Day” is later than any other state in the country by an entire week.
The national Tax Freedom Day is on April 18 this year, meaning that the nation on a whole will have earned enough money to pay it total tax bill for this year 25 days before residents in the state of Connecticut are through. Here’s how the Foundation explains why April 18 is the magic day for American taxpayers this year:
In 2013, Americans will pay $2.76 trillion in federal taxes and $1.45 trillion in state taxes, for a total tax bill of $4.22 trillion, or 29.4 percent of income. April 18 is 29.4 percent, or 108 days, into the year.
In Connecticut, May 13 comes 35.4 percent into the year, which is roughly the percentage of income each worker in the Nutmeg State will have to send off for taxes this year.
Want to know who has the earliest Tax Freedom Day in the nation so you can pack your bags? That would be Louisiana and Mississippi, where residents need to work through March 29 to pay their total bill. That’s 45 before we gain our Freedom here in Connecticut.