tax freedom day tagged posts

Tax Freedom Day Delayed in New Zealand

May 6, 2015 Taxation in New Zealand

WELLINGTON – The slow rise of incomes in New Zealand is pushing Tax Freedom Day further into the year.

According to new information released by the accounting firm Staples Rodway, in New Zealand Tax Freedom Day will fall on May 7th, two days later than in the previous year.

The delay in the date of Tax Freedom Day has been attributed to the country’s recovery from the global financial crisis several years ago, as now many businesses are seeing a strong recovery, and a subsequent rise in the income taxes paid.

Further, the recovery is leading to a pickup in salary increases paid to individuals, which in turn is raising the amount of tax paid out for the year.

It was also noted that the increase in the salaries earned by individuals is highlighting the problem of bracket creep, whereby...

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Tax Freedom Day Falls on April 24th

April 7, 2015 Taxation in USA

WASHINGTON D.C. – Tax Freedom Day in the USA will fall one day later in 2015 than in 2014.

Tax Freedom Day in the USA in 2015 will fall on April 24th, according to new research released by the non-government organization Tax Foundation.

In 2015 US taxpayers will pay out a total of USD 4.8 trillion in taxes, with USD 3.3 trillion coming from federal taxes, and USD 1.5 trillion in local and state taxes.

Tax Freedom Day will fall on the 114th day of the year, one day later than in the previous year, with the delay attributed to a small increase in the collection of corporate taxes, payroll taxes, and personal income taxes.

If the full effect of the government’s borrowing was taken into account, the date of Tax Freedom Day would be 14 days later on May 8th.

Tax Freedom Day is a hypothetical...

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Tax Freedom Day in Czech Republic on June 22nd

February 17, 2015 Taxation in Czech Republic

PRAGUE – Tax freedom Day in the Czech Republic comes 3 days earlier this year than in the last year, due to a number of small changes to VAT rates.

Tax Freedom Day in the Czech Republic in 2015 will be June 22nd, according to new information released on February 16th by Deloitte.

Tax Freedom Day is the hypothetical day of the year marking the point at which the average taxpayers has earned enough income to pay their tax obligations for the year.

This year Tax Freedom Day falls on the 173rd day of the year, three days earlier than in the last year.

The earlier arrival of Tax Freedom Day has been attributed to several tax changes enacted in the Czech Republic earlier this year, including tax relief for parents with the implementation of reduced rates of VAT on baby food, pharmaceuticals and ...

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Tax Freedom Day in Canada Falls on June 9th

June 10, 2014 Taxation in Canada

Taxes in CanadaVANCOUVER – Tax Freedom Day has come in Canada, although the date is falling later in the year as taxes rise faster than incomes.

This year Tax Freedom Day in Canada fell on June 9th, one day later than in the previous year, according to a new report issued by the Canadian non-government organization the Fraser Institute.

In the report the authors explained that the calculation of the date of Tax Freedom Day is invaluable to help taxpayers understand the full tax burden placed on them by the government, as “…it’s nearly impossible for Canadian families to know all the taxes they pay because governments levy such a wide range of taxes including income taxes, payroll taxes, health taxes, sales taxes, property taxes, fuel taxes, vehicle taxes, profit taxes, import taxes, ‘sin’ taxes on liqu...

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Tax Freedom Day Has Come in the UK

May 29, 2014 Taxation in UK

Tax Freedom DayLONDON – Tax Freedom Day has finally arrived for taxpayers in the UK, although, in reality, the day would come a full month later if the full extent of the government’s borrowing was taken into account.

Tax Freedom Day in the UK fell on May 28th this year, and workers in the country have now earned enough to pay off their tax obligations for this year, according to research completed by the non-government organization Adam Smith Institute.

This year Tax Freedom Day fell 147 days into the year, 3 days sooner than in the previous year, when the date was May 31st.

The experts of the Adam Smith Institute pointed out that while the date of Tax Freedom Day is marginally earlier this year, the overall picture is rather different over the long term, as fifty years ago the date was nearly a mont...

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