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News of the Day April 19, 2019
Wisconsin’s Tax Freedom Day Is April 19th
The Badger State’s Tax Freedom Day is April 19th this year, according to the Tax Foundation.
Tax Freedom Day is the day in each year when taxpayers will have earned enough money to pay off their tax bills. Wisconsin’s Tax Freedom Day is three days after the national Tax Freedom Day, which occurred on April 16th this year.
Both the national and Wisconsin measures stayed on the same day compared to last year after jumping significantly earlier in the prior year, thanks in large part to the sweeping Tax Cuts and Jobs Act.
The Tax Foundation calculates the annual measure to remind the public just how much we spend on various government services every year. In 2019, Americans will spend more money on taxes than on housing, food, and clothing combined.
In the race between states, Wisconsin is behind the pack. The Badger State’s Tax Freedom Day is ranked 35th among the states. Alaska’s tax burden is the smallest, with taxpayers there earning their average tax bill by March 25. New York and Washington, DC are tied for last place at May 3.
As the largest share of the average tax burden, income taxes take the longest to pay off, on average. Wisconsin has among the highest individual income tax burdens in the country.