tax freedom day tagged posts

UK Tax Freedom Day,Today

May 30, 2012 Taxation in UK

Tax Freedom DayLONDON – Today is Tax Freedom Day in the UK, and taxpayers will now be working for themselves and not for the tax collector.

In 2012 the Tax Freedom Day in the UK falls on May 29th, two days later than last year, according to the independent UK think-tank the Adam Smith Institute. Calculations carried out by the Institute show that an average UK taxpayer needs to work 149 this year in order to raise the funds needed to pay his annual tax obligation, including all direct and indirect taxes.

Explaining why the Tax Freedom Day has come later this year, the Adam Smith Institute confirm that the UK economy has been slowing, and wage growth for the average taxpayer has being outstripped by tax increases, such as fuel duty and value added tax hikes, instated during the course of 2011 and 2012.


Read More

US Tax Freedom Day on April 17th

April 5, 2012 Taxation in USA

IncometaxSignWASHINGTON D.C. – The Tax Freedom Day® in the US in 2012 will fall on April 17th, although this point would come nearly one month later if the national budget deficit was taken into account.

The US based non-government institute the Tax Foundation has completed and published the results of its annual calculation of the date of Tax Freedom Day® in the US for 2012, unveiling that US taxpayers will need to work for a total of 107 days in 2012 before they can pay off their tax obligations in full.

Last year, the Tax Freedom Day® was calculated to fall on April 11th, an approximate 5 days earlier than in 2012. The Tax Foundation explained the change, saying that since the 2011 calculation were completed, the collection of tax revenues has risen faster than the incomes of US taxpayers.


Read More

Corporate Tax Burdens in Canada Continue to Drop

January 26, 2012 Taxation in Canada

Corporate Tax in CanadaOTTAWA – Canadian businesses have enjoyed a number of tax cuts over the last 12 years, and could soon see their Tax Freedom Day shift back into January.

On January 25th the Canadian Labour Congress released a new study on the tax liabilities faced by Canadian companies, claiming that corporate income tax collections are making up a decreasing amount of the government’s cumulative revenues.

According to the report, in 2010 Canadian businesses saw Corporate Tax Freedom day (CTF) fall on February 1st, and in 2012 the date is expected to move into late January. The CTF date is a hypothetical measure which indicates how many days of the year a company will need to work before they can cover their annual tax obligations in full. The CTF date has fallen earlier every year since 2000.

The move ...

Read More

UK Workers Need 149 Days to Cover Their Taxes

May 31, 2011 Taxation in UK

UK Workers Need 149 Days to Cover Their TaxesUK taxpayers have spent the almost six months paying off their tax obligations, and can now begin earning for themselves.

According to research carried out by the UK think-tank the Adam Smith Institute, the Tax Freedom Day fell on May 30th in the UK in 2011. According to data published by the Institute, in 2011 UK taxpayers needed 149 days to pay their overall tax liabilities in full. This year’s date is three days later than in 2010, with the change being attributed to the government’s recent increase to the rate of the national Value Added Tax (VAT).

Britons need to work approximately 39 days per year to pay their personal income tax, an additional 26 days for their National Insurance Contribution, an extra 29 days for their annual average Value Added Tax liabilities, a further 12 ...

Read More