Tennessee’s Tax Freedom Day: March 31 2012

Tax (Photo credit: 401K)

Tennessee Beats All 50 States
Tennessee’s Tax Freedom Day is March 31, 2012. Residents of Tennessee will bear the lowest average tax burden in 2012, with Tax Freedom Day arriving for us on March 31. Also early are Louisiana (April 1), Mississippi (April 1), South Carolina (April 3), and South Dakota (April 4).

See map of Tax Freedom Day by State.

On average for all 50 states, Tax Freedom Day® 2012 arrives on April 17 this year, four days later than last year due to higher federal income and corporate tax collections. That means Americans will work 107 days into the year, from January 1 to April 17, to earn enough money to pay this year’s combined 29.2% federal, state, and local tax bill.

Interestingly, the latest ever Tax Freedom Day was May 1, 2000—meaning Americans paid 33.0% of their total income in taxes. A century earlier, in 1900, Americans paid only 5.9% of their income in taxes, meaning Tax Freedom Day came on January 22.

Another great reason to live in Tennessee!