Wednesday, May 28, 2014

Happy Tax Freedom Day!

Yes it is today and I shall be going to the Adam Smith Institute later to celebrate by drinking some heavily taxed alcoholic beverages. According to this article, this year's Tax Freedom Day is three days earlier than last year, which is not quite the progression we are used to but welcome nonetheless even if it is statistically not that significant.
This means that Britons work 148 days of the year solely to pay their taxes (including direct taxes like income tax and national insurance, and indirect taxes like VAT and corporation tax). This is three days earlier than 2013's Tax Freedom Day, which is not statistically significant.
For those who are interested in the background, here is Eamonn Butler's account of the history of Tax Freedom Day.

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