This year “Tax Freedom Day” in Illinois falls on April 29, meaning Illinois residents worked 119 days to pay off their total tax bill in 2016. The longer it takes the pay off your taxes, means the less money taxpayers are taking home for food, clothing, housing and other necessities.
Tax Freedom Day underscores what Republican lawmakers have been saying for years—spending cuts coupled with systemic, structural reforms to reduce rampant abuse, fraud and waste are critically important. The longer it takes to implement these changes in how Illinois operates, the more businesses will continue to leave the state, the less money Illinoisans will have in their pocketbooks and our Tax Freedom Day will just keep getting later.
The Washington, D.C.-based Tax Foundation adds up all of the federal, state and local taxes and then divides the number by the national income. The date when people earn enough collectively to pay off their yearly tax burdens has become known as “Tax Freedom Day.”