Have you filed your taxes yet? Perhaps you're concerned about the tax burden you face.
This week marked a major milestone in the world of taxes. No, it’s not the deadline to pay federal taxes, although that’s certainly significant. It’s Virginia’s Tax Freedom Day, which was Monday. That means all the work you’ve done before Monday has raised money to pay federal, state and local taxes.
Morgan Scarboro is a policy analyst at the Tax Foundation, which calculates the quasi-holiday for all the states.
“So happy belated Tax Freedom Day to Virginia. And that ranks 27 in the country, so another ranking that sort of has you in the middle of all the states.”
Bill Bergman at Truth in Accounting says Virginia is actually better off than most states because of how it balances the books.
“We calculate it based in the share of unfunded liabilities and other debts that have been accumulated in the state in excess of the assets available to pay the state’s bills, and on that basis Virginia is in relatively good shape financially.”
This year, Virginia’s Tax Freedom Day comes the same week as the deadline for filing your federal tax returns. And the same week that lawmakers are in Richmond nailing down a final budget to figure out how to spend your state tax dollars.
This report, provided by Virginia Public Radio, was made possible with support from the Virginia Education Association.
