Tax Freedom Day 2015: 114 days into the year, Americans earn enough to pay total tax bill

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By: Krystal Vivian kvivian@953mnc.com

As of Friday, April 24, Americans have earned enough money to pay the nation’s total tax bill in 2015. Friday is Tax Freedom Day.

Collectively, working Americans will pay $3.28 million in federal taxes and $1.57 trillion in state and local taxes in 2015 — which equals 31 percent of the nation’s income, according to the Tax Foundation. This year’s Tax Freedom Day is 114 days into the year, just one day later than in 2014.

Here are three interesting tax facts for Tax Freedom Day.

MOST AMERICANS THINK THE TAX SYSTEM SHOULD BE COMPLETELY CHANGED

According to the Pew Research Center, 59 percent of Americans believe that the federal tax system should be completely overhauled by Congress while 38 percent believe it only needs minor changes.

Get more details on the Pew Research Center’s annual study on American’s view of taxes.

TAX FREEDOM DAYS VARY BY STATE TOO

April 24 is the collective Tax Freedom Day for the country, but individual states have their own Tax Freedom Days too. Indiana’s Tax Freedom Day fell on April 18 and Michigan’s was on April 20, according to the Tax Foundation.

Tax Freedom Day arrived the earliest for Louisiana residents on April 2, while Connecticut has the latest Tax Freedom Day on May 13.

PEOPLE DEDUCT THE DARNDEST THINGS

Tax deductions can get complicated, but even if the IRS says no, taxpayers can argue their case for certain deductions in Tax Court.

Some odd tax deductions people have successfully claimed include cat food, babysitting fees and breast implants, according to Forbes.

Check out Forbes’ full list of 10 legitimate but crazy sounding tax deductions.