Tax Freedom Day
By Wally EdgeThe Tax Foundation has released their 2008 Tax Freedom Day and this year the Maine State residents will stop working for the government on April 20th. Last year Maine reached Tax Freedom Day on April 24th.
Tax Freedom Day is calculated by how long you need to work to pay all your federal and state and local taxes for the year. This year the average Tax Freedom Day in the US is April 23rd, with 30.8% of the national income going to pay taxes.
Maine ranks in the middle of taxes paid when you combine federal with state and local taxes. Maine’s decent ranking is good news……unless you ask why. According to the Tax Foundation, Tax Freedom Day is early in low-income states because the federal income tax hits most of their federal income taxes at the lower rates, 10% and 15%.
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