SIOUX FALLS, S.D. (KELO AM) - According to the Tax Foundation, South Dakotans earned enough income to pay off all taxes a week ago.
Economist Kyle Pomerleau, of the non-partisan think tank, says we’re the third state to reach tax freedom day and the national mark is April 21. We've earned enough to pay all federal, state and local taxes.
Pomerleau says only Louisiana and Mississippi’s tax freedom days are earlier than South Dakota’s. The lastest dates are New York on May 4, and New Jersey and Connecticut on May 9.
He saqys the national Tax Freedom Day is three days later than last year due mainly to the continuing economic recovery, which will boost federal tax revenue collected through the corporate, payroll and individual income taxes.
Americans will spend more on taxes this year than they will on food, clothing and housing combined.