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Hawaii ‘Tax Freedom Day’ is tomorrow

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Hawaii residents can celebrate Tax Freedom Day tomorrow, April 6, well ahead of the national average day April 17.

Tax Freedom Day, according to the national Tax Foundation, is the date by which workers will have earned enough money to pay the current year’s tax obligations at the federal, state and local levels.

This year Hawaii will have the 8th-earliest Tax Freedom Day of all 50 states, according to the group.

A new foundation study titled "Tax Freedom Day 2012" also calculates how long Americans would have to work to close the budget deficit. To pay for all government spending in the current year, the government would need to raise an additional $1.014 trillion in taxes, which would push Tax Freedom Day to May 14, the study says.

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