TALLAHASSEE, Fla. - On April 17th, Floridians will celebrate Taxpayer Independence Day 2017, the first day of the year where taxpayers are no longer working to pay off their tax bill but are working for themselves. This symbolic date, calculated by Florida TaxWatch, assumes that every dollar earned from the start of 2017 went to pay taxes at all levels of government.
This year's Taxpayer Independence Day comes the same day as last year, when it was also on the 17th of April. An improving economy in Florida is producing steady, but modest, growth in personal income. This economic activity is increasing tax collections as well, especially at the local level, as property values are rising again. Overall, the growth in income and taxes in 2017 is expected to be the same (4.7 percent), resulting in Taxpayer Independence Day arriving on the same date as last year.
“The good news is that achieving Taxpayer Independence Day takes no longer than it did last year and comes two days earlier than in 2015. The increase in tax collections comes mostly from economic growth, not tax increases, and this year, on average, taxpayers’ ability to pay is increasing at the same rate,” said Florida TaxWatch President and CEO Dominic M. Calabro. “Florida TaxWatch hopes that Floridians will celebrate Taxpayer Independence Day by recognizing the impact that different levels of government have on their daily lives and on their paycheck.”
Federal tax burden continues to have the largest impact on Floridians, as federal taxes comprise more than 70 percent of Floridians' federal, state and local tax burden. For the average Floridian, the state tax burden is 16.5 percent and local tax burden is 13.6 percent of their total tax bill, with the state burden down from 16.7 in 2016.
For a full analysis, click here.
For more on how Florida’s tax burden stacks up against the rest of the nation, read Florida TaxWatch's How Florida Compares: Taxes.
About Florida TaxWatch
As an independent, nonpartisan, nonprofit taxpayer research institute & government watchdog for more than one third of a century, Florida TaxWatch works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on citizens and businesses.
Florida TaxWatch is supported by voluntary, tax-deductible donations and private grants, and does not accept government funding. Donations provide a solid, lasting foundation that has enabled Florida TaxWatch to bring about a more effective, responsive government that is more accountable to, and productive for, the citizens it serves since 1979. For more information, please visit http://www.floridataxwatch.org.