Florida TaxWatch has announced that April 18 marks Florida Taxpayer Independence Day 2024. This day symbolizes the point at which Floridians have earned enough to cover their local, state, and federal taxes for the year. It is calculated based on the total taxes paid in Florida relative to the state's total personal income. This year, it took taxpayers an average of 107 days to meet their tax obligations, one day longer than in 2023.
Jeff Kottkamp, Executive Vice President & General Counsel and Acting President & CEO of Florida TaxWatch, stated, “Florida TaxWatch observes Florida Taxpayer Independence Day 2024 on April 18 and celebrates the average Florida taxpayer earning enough to pay their taxes for the year. It should also be noted that, because Florida’s state and local tax burden is relatively low, tax independence likely comes earlier for Floridians than the average American, thanks in part to our legislative leaders’ prudent decision making and sound fiscal policies.”
The date marking taxpayer independence has varied over the past 25 years but has consistently fallen within April 6-26. Notably, this year's date coincides with that of 2002.
Looking forward to 2025, Florida TaxWatch anticipates minimal growth in federal tax collections while state tax collections are expected to resume modest growth after a slight decline in 2024. Local tax collections are projected to grow at the highest rate among all levels of government due to rising property values. With continued personal income growth anticipated in Florida, even if modestly, taxpayer independence could occur earlier next year.
Florida TaxWatch provides further information on how taxpayer independence is determined through its briefing available online.
As a nonpartisan nonprofit organization, Florida TaxWatch aims to enhance government productivity and accountability by conducting research that evaluates fiscal policies' impact on taxpayers and businesses statewide. Funded by donations and private grants since its inception in 1979, FTW strives for a more effective government accountable to its citizens.