Congrats, Ohio — today is your Tax Freedom Day

By Maggie Thurber | for Ohio Watchdog

Congratulations, Ohio. As of today you’re no longer working for Uncle Sam.

Well, not literally, but it took the average Ohioan until April 14 to earn enough money to pay all his or her taxes for the year.

Each year, the Tax Foundation calculates the Tax Freedom Day for the nation and each state.

Using information from the U.S. Census, the Bureau of Economic Analysis and various estimates of state and local taxes, the foundation adds up the total tax obligations of the nation and each state. Researchers then compare this against total income and come up with a percentage they apply to a calendar.

Last year, Ohio’s Tax Freedom Day was April 12, so you’ve actually had to work two more days this year to reach this same point.

But it’s still better than the nation as whole.

National Tax Freedom Day is April 21, which is three days later than in 2013. That’s when Americans have earned enough to cover the $3 trillion in federal taxes and $1.5 trillion in state taxes, for a total tax bill of $4.5 trillion.

If the federal deficit were included in the calculations, Tax Freedom Day wouldn’t be until May 6.

Connecticut and New Jersey won’t hit their Tax Freedom Day until May 9. But you’d save weeks of pay by living in Louisiana, which celebrated its day on March 30, the earliest in the nation.

Ohio is in the middle of the pack, having the 28th earliest date. That’s better than the 22^nd ranking last year and neighbors Indiana on April 16, Michigan on April 17 and Pennsylvania on April 21.

If you moved just across the Ohio River in Kentucky, you would gain a week of pay; their Tax Freedom Day was April 8. West Virginia hit their day on April 10.

So congrats Ohio — from here on out, the money you earn is your own — and that’s a reason to celebrate.