The result is the questionable concept of Tax Freedom Day (said to be 2 June this year), the brainchild of the conservative-leaning Cato Institute and Tax Foundation in the USA. It’s the day when, on average, we start keeping our annual salary, assuming the past five months’ worth has been kept by the taxman. The more tax we pay, the later Tax Freedom Day comes in the year.
But we should beware of campaigning statistics with an agenda like these, because your and my ‘tax freedom day’ is probably much earlier, for example, than that of Charles Saatchi, one of the British promoters of this idea.
Everyone’s tax freedom day is different and the implication of government ‘theft’ doesn’t stand up either. Tax Freedom Day was after 2 June for every year of Mrs Thatcher’s supposedly low-tax premiership, so maybe we’re better off than we think.
- David Boyle is an associate of the New Economics Foundation and the author of The Tyranny of Numbers (Flamingo).
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy