Emerald’s Gem Box…

Florida Taxpayer Independence Day

Monday, April 17 was also known as “Florida Taxpayer Independence Day.” According to statistics, an improving economy in Florida is producing steady, but modest, growth in personal income resulting in Taxpayer Independence Day arriving on the same date as last year. In 2015, Florida’s Taxpayer Independence Day fell on April 20. (However, in 2009 our Independence Day fell on April 6).
Screen Shot 2017-02-02 at 12.08.23 PM    Taxpayer Independence Day is the first day in the calendar year that Florida taxpayers, on average, begin earning income that does not go toward federal, state or local taxes. In other words, every penny you earned, from January 1 up until April 17, went to pay federal, state, and local taxes!  That means for the average Florida household, paying its taxes takes 107 out of 365 days, or more than three and a half months.
Put in more simple to understand words……. Based on Floridians’ average personal income a Florida taxpayer must work 2 hours and 21 minutes every day of the year to pay their taxes.  This means that on average a taxpayer does not begin earning wages for themselves until 11:21 a.m. in a 9 a.m. – 5 p.m. workday. Paying taxes is the single largest expense incurred by citizens; more than food, housing and clothing combined.
“Taxpayer Independence Day is certainly a celebration, but it truly shows Floridians the presence that different levels of government have in their daily lives, and in their paycheck,” said Florida TaxWatch President Dominic Calabro.
However, taxpayer independence comes sooner in Florida than for the average U.S. taxpayer. Last year, the Tax Foundation estimated that the national “Tax Freedom Day” fell on April 24, a week later than Florida’s. They also estimated that if the federal debt (which represents future taxes) was included, the day would have come 16 days later.
Florida is one of only seven states without a state income tax.  This means that the largest burden on taxpayers, in the Sunshine State, is federal tax.
According to Florida TaxWatch, local taxes are estimated at $38.0 billion in 2017 and comprise 13.6 percent of the average Floridian’s total tax burden. State taxes are estimated at $46.2 billion in 2017 and comprise 16.5 percent of the average Floridian’s total tax burden. And Federal taxes paid by Floridians are estimated to total $196 billion in 2017 and comprise 70.0 percent of the average Floridian’s total tax burden.
Florida will contribute $281 billion in taxes to federal, state, and local governments in 2017, $13 billion more than last year.
Now, enjoy your day – for you are finally working for yourself today!