The Tax Foundation has announced that this year’s national Tax Freedom Day falls on April 21, three days later than in 2013.
At the state level, North Carolina’s Tax Freedom Day arrives April 14. Only Virginia has a later Tax Freedom Day among Southeastern states.
For those unfamiliar with the concept, Tax Freedom Day represents the day on which residents of the state have worked long enough to cover their tax bills. Assuming that taxes are paid first, every day worked through Tax Freedom Day pays for the tax burden. Money earned after Tax Freedom Day pays for food, clothing, housing, transportation, and all other expenses.