Tax Freedom Day is officially April 24, or 114 days into the year.
The day falls on April 24 this year because it is the official day Americans have earned enough money to cover their tax obligations, according to the Tax Foundation.
Here’s how much Americans will pay in taxes in 2015.
In 2015, Americans will pay $3.28 trillion in federal taxes and $1.57 trillion in state and local taxes. When combined to total $4.85 trillion, Americans will spend more on taxes in 2015 than it will on food, clothing and housing combined.
If annual federal borrowing was included — which represents future taxes owed — Tax Freedom Day would occur on May 9.
