Coloradans work until April 24 to reach Tax Freedom Day, research firm says – The Denver Post

Starting Monday, what Colorado taxpayers make will be theirs to keep, according to the Tax Foundation, a tax policy research firm.

The average taxpayer in the state will have made enough to cover federal, state and local tax obligations as of April 24, what the group calls Tax Freedom Day. Thats the same point as in 2016, but down from 2015s Tax Freedom Day of April 25, and up from April 22 in 2014.

Tax Freedom Day nationally this year came on April 23, so Colorado is only a day behind. But its break-even day is the 37th latest among states.

Connecticut taxpayers on average have to work until May 21 to cover their taxes, while those in New Jersey must work until May 13 and New Yorkers until May 11. At the other extreme, Mississippi residents have the lightest tax burden, which they cover by April 5, followed by Tennessee on April 7 and South Dakota, April 8.

Colorados state and local tax burdens arent extreme compared to some of the coastal states, ranking 21st among states, saidMorgan Scarboro, a policy analyst at the Tax Foundation.

But tax returns here report higher incomes on average ranking 13th-highest on a per capita basis. Thatresults in more filers in higher tax brackets paying more in federal taxes.

The state will pay more in federal taxes due to our progressive federal income tax structure, Scarboro said.

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Coloradans work until April 24 to reach Tax Freedom Day, research firm says - The Denver Post