ALBANY — Congratulations, New Yorkers: You can now keep your own money for the rest of the year.
A study by the Tax Foundation, an independent tax-policy research group, shows that this Sunday is Tax Freedom Day — the day state residents make enough to pay off their total taxes for the year.
Because of the Empire State’s high tax burden, the report found New Yorkers are behind only New Jersey and Connecticut in the time it takes to earn its financial “freedom” — or enough money to collectively cover all local, state and federal taxes.
“These are three high-taxed states all right around each other,” said Lyman Stone, author of the report.
This year’s Tax Freedom Day in New York is two days earlier than in 2013.
New Jersey had the unwanted top spot on the list of the longest days needed to pay off taxes. Garden State residents don’t get freedom until May 9.
Comparatively, it takes Louisiana residents the shortest time, March 30, to fulfill their tax obligation, according to the report.