The Tax Foundation released its annual Tax Freedom Day report on Tuesday.
Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. This includes all federal, state, local, and other individual taxes.
According to the Tax Foundation, April 16 was the nation’s tax freedom day in 2019. Americans will spend more $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes. The Tax Foundation says the total bill amounts to $5.2 trillion, or 29 percent of the nation’s income.
Last year, Tax Freedom Day was also on April 16.