tax freedom day tagged posts

Tax Freedom Day Coming Soon

April 19, 2017 Taxation in USA

Tax Freedom DayWASHINGTON D.C. – On April 23rd Americans will have paid enough tax to cover their annual tax obligations.

The Tax Foundation has released its annual Tax Freedom Day report, showing the date that American taxpayers can stop working to pay the government, and can start working to pay themselves.

According to the latest calculations, the Tax Freedom Day in the USA in 2017 will fall on April 23rd, the 113th day of the year.

The total tax bill faced by taxpayers in the USA over the course of this year will be USD 5.1 trillion, which represents 31 percent of the nation’s income, and is made up of USD 3.5 trillion in federal taxes, and USD 1.6 trillion state and local taxes.

The total tax burden is more than the nation will collectively spend on food, clothing, and shelter combined.

It was...

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Tax Freedom Day Falls in in the UK

June 3, 2016 Taxation in UK

Tax Freedom DayLONDON – 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...

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Tax Freedom Day Falls in New Zealand

May 26, 2016 Taxation in New Zealand

WELLINGTON – From today onwards, New Zealanders will be earning wages for themselves, instead of covering their tax obligations.

Tax Freedom Day in New Zealand fall today, May 26th, according to research recently released by a New Zealand advocacy group Tax Payers’ Union.

The Taxpayers’ Union claimed that the general government total outlays of the New Zealand government are currently at 40 percent, meaning that Tax Freedom Day will fall at 11:12am on May 26th.

The Taxpayer’s Union suggested that the tax burden faced by New Zealanders has risen over time, as “…thanks to income tax thresholds not adjusting for inflation the average Kiwi household now pays more than $1,000 more in taxes than they did in 2010.”

It was noted that Tax Freedom Day in New Zealand in 2016 falls 15 day...

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US Tax Freedom Day Falls on April 24th

April 7, 2016 Taxation in USA

Tax Freedom DayWASHINGTON D.C. – The average American will spend 114 days working to simply pay their taxes for the year, and will spend more on taxes in 2016 then they will on food, clothing, and housing.

Tax Freedom Day in the USA will fall on April 24th this year, according to new information released by the US think tank the Tax Foundation on April 6th.

The average taxpayer in the USA would need to work approximately 114 days a year in order to pay off their annual tax obligation, with 46 of those days spent paying for income taxes, 26 days for payroll taxes, 15 days for excise taxes, 11 days for property tax, 9 days for corporate income tax, and 7 days for estate tax, inheritance tax, customs duties, and other taxes.

The cumulative amount to be paid in taxes by US taxpayers over the course of 2016...

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Tax Freedom Falls on May 31st in the UK

June 1, 2015 Taxation in UK

LONDON – Taxpayers in the UK need to work everyday for the first 150 days of the year just to pay off their annual tax obligations.

On May 31st the Adam Smith institute issued a new statement confirming that in 2015 the Tax freedom Day in the UK will fell on May 31st.

According to the Institute, the average UK taxpayer would need to spend the first 150 days of the year in order to raise enough money to pay off their tax obligations for the year.

In 2015 Tax Freedom Day fell one day later than in 2014, but a whole month later than the tax Freedom Day in the USA, where the date is April 24th.

The calculation of Tax Freedom Day takes into account direct taxes such as income tax, corporate income tax, national insurance contributions, and indirect taxes such as VAT and excise duties.
The in...

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