Podcasts & RSS Feeds
Most Active Stories
Thu April 7, 2011
Happy 'Tax Freedom Day' Michigan
Today is Michigan’s Tax Freedom Day. It’s the day when the average Michigander will have earned enough money to pay their local, state and federal taxes for the year. That’s three weeks earlier than it used to be mainly because people are earning less money because of the recession.
Kail Padgitt is with the Tax Foundation, which produces the annual Tax Freedom Day list. He says Michigan’s local and state taxes are higher than most other states.
“But when we look at federal taxes…Michigan actually paid a little less in federal taxes due to the (state’s) high unemployment...leading to lower income taxes …federal income taxes.”
Padgitt says as the nation’s economy improves, special federal tax breaks expire and more Michiganders find work, Michigan’s tax freedom day will shift back to the end of April or maybe the beginning of May.