Florida TaxWatch (FTW) announced that this week that Thurs., April 14 marks the 2022 Florida Taxpayer Independence Day.
This symbolic occasion assumes that every dollar Floridians earned since the start of the year goes to pay local, state, and federal taxes, but now, they will finally begin earning for themselves. Based on the relative size of all taxes paid in Florida to the state’s total personal income, it took taxpayers an average of 103 days to satisfy their tax obligations this year, four more days than in 2021.
Florida TaxWatch President and CEO Dominic Calabro weighed in on taxes and the Sunshine State this week.
“While April 18 is the deadline to pay your taxes, the truth is, all of the average taxpayer’s income from January 1 to April 14 went to taxes in 2022. In fact, every hour of work for the first 103 days of the year, on average, went to fulfilling local, state, and federal taxes. Luckily for Floridians, our state government tax burden is one of the lowest in the nation, making Taxpayer Independence Day earlier here than it is in most other states, which Florida TaxWatch is proud to celebrate alongside hard-working taxpayers throughout the Sunshine State,” he said.
In Florida, tax collections are growing faster than personal income. Though personal income grew 7.5 percent in Fiscal Year 2020-2021, rising property values produced more property tax revenue for local governments; federal assistance spurred spending and created a significant influx of state sales taxes; and decreased unemployment and the expiration of temporary pandemic-related provisions helped multiply federal income taxes. As a result of this increased tax burden – the consequence of a rebounding economy – Taxpayer Independence Day falls later on the calendar for the second consecutive year.
According to FTW:
• Florida’s total tax burden (local, state, and federal) totals $384 billion in 2022, or $17,334 per capita. This is 28.4 percent of personal income.
• Federal taxes make up 71 percent of Floridians’ total tax burden, state taxes account for 15 percent and local taxes account for 14 percent.
• Over the last 10 years, the total taxes paid by Floridians has increased by 88.8 percent. Federal taxes have grown the most (104.2 percent), followed by local taxes (76.7 percent), and state taxes (47 percent).
• For the average Florida household, earning enough to pay its taxes takes about three-and-a-half months. Looking at it another way, Floridians have to work approximately two hours and 17 minutes of each eight-hour workday to earn enough to pay taxes.
• Taxes are a family’s single largest expense – more than food, housing, and clothing combined.
Florida’s tax burden is smaller than the average American, so Taxpayer Independence Day occurs earlier in Florida than it does nationally.
• Florida’s state government tax burden is one of the lowest in the nation, while the local government burden is much closer to the national average.
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