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Tuesday, March 31, 2015
Hawaii Tax Freedom Day--April 19, 2015
By News Release @ 4:13 PM :: 4857 Views :: Hawaii Statistics, Taxes

Tax Freedom Day 2015 Arrives in Hawaii on April 19

25th state to reach Tax Freedom Day, 5 days earlier than national average

News Release from The Tax Foundation March 31, 2015

Washington, DC (April 13, 2015)—Hawaii’s Tax Freedom Day, the day when taxpayers in the state have collectively earned enough money to pay their federal, state, and local tax bill for the year, will arrive on April 19. This makes it the 25th state to reach Tax Freedom Day in 2015. According to the annual report released this morning by the nonpartisan Tax Foundation, national Tax Freedom Day falls on April 24, 114 days into the year and nine days after the tax filing deadline.

Each state’s total federal, state, and local tax burden varies greatly. Tax Freedom Day arrives earliest in Louisiana on April 2 and Mississippi on April 4. Connecticut and New Jersey will be the last to reach Tax Freedom Day this year on May 13.

“Tax Freedom Day gives us a vivid representation of how much we pay for the goods and services provided by governments at all levels,” said Tax Foundation Economist Kyle Pomerleau. “Arguments can be made for if and why the tax bill is too high or too low, but in order to have an honest discussion, it’s important for taxpayers to understand cost of government. Tax Freedom Day helps people relate to that cost.”

The study’s key findings include: 

  • National Tax Freedom Day is one day later than last year due mainly to the country’s continued steady economic growth, which is expected to boost tax revenue especially from the corporate, payroll, and individual income tax. 
  • Americans will collectively spend more on taxes in 2015 than they will on food, clothing, and housing combined. 
  • Americans will pay $3.3 trillion in federal taxes and $1.5 trillion in state and local taxes, for a total bill of more than $4.8 trillion, or 31.1 percent of the nation’s income. 
  • If you include annual federal borrowing, which represents future taxes owed, Tax Freedom Day would occur 14 days later on May 8. 
  • Tax Freedom Day is a significant date for taxpayers and lawmakers because it represents how long Americans as a whole have to work in order to pay the nation’s tax burden.

Historically, the date for Tax Freedom Day has fluctuated significantly. The latest-ever Tax Freedom Day was May 1, 2000 – meaning that Americans paid 33% of their collective incomes towards taxes. A century earlier, in 1900, only 5.9% of national income was required to pay the tax bill, and Tax Freedom Day fell January 22.

Full report: Tax Freedom Day® 2015

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