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CFO Jeff Atwater Celebrates Tax Freedom Day

4/20/2016

TALLAHASSEE, Fla. – Today, April 20, marks the celebration of Florida’s Tax Freedom Day. Tax Freedom Day is the day when taxpayers have collectively earned enough money to pay their total federal, state and local tax bill for the year. Due to a lower-than-average tax structure, Florida’s Tax Freedom Day falls four days earlier than the national day, which falls on April 24 this year. This four-day difference means that by living in Florida, residents keep four days of earnings more than the national average.
 
“With one of the lowest tax structures in the United States, it’s no surprise that Florida’s population continues to grow—even passing the 20 million mark this year,” said CFO Jeff Atwater. “Many states tax and spend as if there’s a never-ending pot of money to pull from, but in Florida, lawmakers have remained committed to using taxpayers’ dollars wisely, so that more of our residents’ hard-earned money stays in their pockets where it belongs.”
 
Based on a $50,000 annual household income, Floridians keep an extra $548 in their pockets. That money can be used to purchase roughly five weeks of groceries, to pay for five amusement park tickets, to buy 24 tank of gas or build their emergency fund or retirement nest egg.
 
In addition to falling four days before the nation, Florida’s Tax Freedom Day falls before many of its peer states. Most notably, Illinois’ date falls on April 29, California’s on April 30, and New York’s on May 11.
 
To ensure the state’s taxes remain low and to keep more money in the pockets of its residents, Florida remains committed to putting the state’s finances on display. Through transparent, accessible government, Floridians can demand accountability and responsibility in state spending. To learn more about Florida’s finances, visit www.MyFloridaCFO.com/Transparency.

 
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Chief Financial Officer Jeff Atwater, a statewide elected official, oversees the Department of Financial Services. CFO Atwater’s priorities include fighting financial fraud, abuse and waste in government, reducing government spending and regulatory burdens that chase away businesses, and providing transparency and accountability in spending. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).