Tax Freedom Day, used by the Tax Foundation to illustrate just how much of our hard-earned money goes to taxes before we get our cut, comes later to Connecticut, New York and New Jersey than to any other state.
The Tax Foundation, a non-partisan research think tank, based in Washington, DC., calls Tax Freedom Day "a vivid, calendar-based illustration of the cost of government."
And it costs residents of NJ, NY and CT plenty.
New York will be the 48th state to reach Tax Freedom Day, calculated to be May 4. New Jersey and Connecticut's date is May 9.
Tax Foundation economists calculate Tax Freedom Day using federal budget projections, data from the U.S. Census and the Bureau of Economic Analysis, and projections of state and local taxes.
Higher-income and higher-tax states hit their mark later. Residents of Louisiana bear the lowest average tax burden in 2014—Tax Freedom Day arrived for them March 30.
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