Hawaii citizens have earned enough for the year’s tax bill – one day later than last year, but still better than national average
HONOLULU, Hawaii—April 15, 2014—In an effort to help Hawaii’s citizens better understand the state tax burden, the Grassroot Institute of Hawaii is wishing them all a “Happy Tax Freedom Day” today via social media.
Based on calculations by the Tax Foundation, Tax Freedom Day is the day when taxpayers have collectively earned enough to satisfy the tax bill for that year. In other words, for the average Hawaii citizen, if he or she had dedicated every penny of their earnings to their tax bill from the beginning of the year, then today (April 15th) would be the day that bill would be “paid off.”
Hawaii ranks in the middle of the pack for state Tax Freedom Days. Louisiana has the lowest burden (their Tax Freedom Day was March 30th), while Connecticut and New Jersey are the highest (May 9th). The National Tax Freedom Day (using figures from the country as a whole) is on April 21st, three days later than last year–which reflects the slow economic recovery. (As a point of comparison, consider that Tax Freedom Day in the year 1900 would have fallen on January 22nd.)”Hawaii’s economic recovery has a lot to do with our better-than-average performance,” stated Keli’i Akina, President of the Grassroot Institute of Hawaii. “However, we’ve taken a small step backward and should be wary of policies that will increase the tax burden and slow our economic growth.””Most people don’t realize just how hard and long they work to pay their tax bill,” Dr. Akina continued. “We hope that this helps put that into perspective and encourages taxpayers to demand greater fiscal responsibility and accountability from the government and their elected officials.”