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Tax Freedom Day Comes in Two Weeks

 
Tax Freedom Day Comes in Two Weeks
Posted April 8th, 2014 @ 10:57am by WOOD Radio News Team

Tax Freedom Day comes to Michigan before it comes to America, as a whole.

That's the day when the Tax Foundation calculates you may 'keep what you earned' assuming that every penny since January first went to pay taxes.

The national date is April 21st, representing the government taking more than 30 percent of the nation's income.

Michigan's Tax Freedom Day is April 17.   We are the 28th state in the country to reach that date, meaning our state's  taxes are slightly more than the national average.

Michigan's Personal Income tax is 4.25% .  Our corporate Income and state Sales taxes are both 6%, while our average Property Tax is said to be $1,374.

The Tax Foundation says you will spend more on taxes in 2014 than you will for food, clothing, and housing combined.

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