Enjoy your tax freedom for 2014
Remember back in mid-April, the deadline to file federal and state tax returns?
Tax day 2014 arrived 21 days ago. The day before that – April 14 – was Tax Freedom Day in Ohio; that is the date when all of the nation’s taxes would be paid for the year (assuming all money earned first went just to pay taxes).
The Tax Foundation, a nonpartisan think tank, figures Tax Freedom Day by dividing all the local, state and federal taxes by the nation’s income.
But The Tax Foundation takes that calculation another step by factoring in not just federal revenues, but borrowing to cover the budget deficit. After all, that is money that should be repaid someday.
With all federal spending included, Tax Freedom Day in Ohio instead would have arrived Tuesday – primary election day in Ohio.
That seems appropriate.