Colorado Tax Freedom Day Won’t Come Until April 24th
Even if you've already filed your tax return for 2015, this may surprise you. Everything you've made this year so far is going towards taxes.
According to Tax Foundation, Colorado's Tax Freedom Day occurs the same day as the national day which is April 24, meaning you're still paying this year's taxes even after filing your tax return for last year.
The good news - if you want to call it that - Colorado isn't the most heavily taxed state in the nation. That honor belongs to residents of Connecticut who won't have their tax freedom day until May 21.
Tax Foundation calculates the total amount of federal, state and local taxes residents pay in each state annually, then combines that amount to figure out how many days a person has to work before they have earned enough money to fulfill their tax obligation for the year.
For 2016, Tax Foundation estimates Americans will pay more in taxes than they pay for food, housing and clothing combined.
Looking for a state with the lowest taxes? Consider moving to Mississippi, who celebrated tax freedom on April 5.