Tax Freedom Day Falls in in the UK
June 3, 2016 Taxation in UK
LONDON – Workers in the UK have now worked long enough to pay off their taxes, and can begin earning for themselves.
Today, June 3rd, marks Tax Freedom Day in the UK, according to the results of research completed by the Adams Smith Institute.
In 2015 Tax Freedom Day will fall 154 days into the year, as the government expects to see 42 percent of its net national income come from tax receipts this year.
The date of Tax Freedom Day in 2016 is 4 days later than in 2015, as the proportion of tax receipts to total income for the year has grown.
Tax Freedom Day is a measure of the burden of taxes on average taxpayers, and is used to illustrate how many days an average person needs to work in order to collect enough money to cover their tax obligations for the year.
Explaning the significance of the date of Tax Freedom Day, the director of the Adam Smith Institute said “…it’s shocking that the Government takes over two fifths of the country’s earnings – and then borrows more. We work longer for the Government than medieval serfs had to work for their lords.”
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