Today, April 13th 2009, is the day in when working Americans have collectively earned enough income to pay their annual federal, state and local tax obligations. The calculation is performed each year by The Tax Foundation, which published its findings under its trademark name, Tax Freedom Day®.

The date is of little importance to the individual taxpayer, because local and state taxes affect when each of us has earned enough to cover our yearly taxes.  Still, it does show interesting trends for the country as a whole. This year’s date – roughly three and a half months into 2009– is the earliest date since 1967.

The current economic situation is largely the reason behind the early date.  Though income has been reduced this year, tax collections have been reduced even more dramatically.   The Economic Stimulus Package also contributed to the early date.

It’s also important to remember that the calculated date for tax freedom doesn’t include this year’s deficits.  If the stimulus spending were factored in as tax, the date would be pushed back later than ever, to May 29th.

Though April 13th is the day that the US collectively has earned enough to meet their yearly tax obligations, state dates vary.  Alaska was the first to celebrate, on March 23 and those in Connecticut will be last, when they finally meet the criteria on April 30.

As I mentioned in last year’s coverage of the event, calculating the time of each workday when you are free from taxes may be more enjoyable.    You can use your effective tax rate to calculate your own personal day of tax freedom, or celebrate with the country as a whole today.  Hooray for us!