MURFREESBORO, Tenn. (WMOT) -- Thursday is Tax Freedom Day in Tennessee, the day residents finish paying all federal, state and local taxes for the year.
The Washington based Tax Foundation calculates Tax Freedom Day every year for each of the states and the nation as a whole. Foundation economist Kyle Pomerleau says Tennesseans fared better than the rest of the country. National Tax Freedom Day doesn’t arrive until April 24.
Tax Freedom Day is calculated by subtracting a state’s total tax bill from the combine income of its residents.