Tax Freedom Day will fall on April 26 this year, according to the Tax Foundation's annual calculation using the latest government data on income and taxes.

Tax Freedom Day marks the calendar date by which Americans have worked enough days to pay off the federal and state taxes they will pay. It is calculated by dividing total tax collections by the nation's income and then converting that percentage into days worked. This year, the percentage fell at 31.6 percent -- meaning that counting from January 1, it would take until April 26 before a worker begins to "take home" their earnings.

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