Today is Tax Freedom Day!
As of today, the average Brit stops working to pay off the government, and starts earning for herself.
More from the ASI’s 2018 report:
“Tax Freedom Day is a measure of when Britons stop paying tax and start putting their earnings into their own pocket. In 2018, the Adam Smith Institute has estimated that every penny the average person earned for working up to and including May 28th went to the taxman—from May 29th onwards they are finally earning for themselves.
“British taxpayers have worked a gruelling 148 days for the taxpayers this year. More than in any year under New Labour, and three days longer than last year. Britain’s tax burden is moving in the wrong direction.
“Government spending choices fall on UK Taxpayers, this year they will fork out £703.7bn—representing 40.65% of net national income.
“Tax Freedom Day in the United Kingdom is now over a month later than in the USA, where this year it fell on April 19th.
“The ONS has revised net national income data and the Adam Smith Institute has calculated this means Tax Freedom Day is later than any day since reliable records began in 1995. The shortest number of days worked to meet HMRC’s tax demands was 122 in 1996.”
In 2016, the IEA published a ground-breaking report which calls for the abolition of a raft of taxes, to be replaced with a simpler, less burdensome tax system.
The report found how there has been a strong upward trend in taxation and government spending as a proportion of national income in developed countries over the last 100 years.
In celebration of Tax Freedom Day, have a read of our report, which calls for the abolition of twenty taxes, to go for growth!