Monday and Tuesday 'lost' to taxman
Wednesday morning at 9.31am is the time UK workers stop generating money for the Treasury's coffers and begin to earn for themselves, according to new research.
The calculation that Monday and Tuesday are ‘lost to the tax man’ is the brainchild of a new pressure group called the TaxPayers’ Alliance, christened the ‘Tax-O-Meter’.
The group also claimed a further 12 minutes would be spent on the taxman’s time by next year.
The idea is the latest bid to provide people with a tangible sense of their contribution in an era of ever more complicated taxation. It follows ‘Tax Freedom Day’, which calculated that people’s tax burden was the equivalent of all their earnings up to 2 June.
Gabriel Stein, a member of the TaxPayers’ Alliance advisory council, said: ‘The Treasury hates Tax Freedom Day because it makes the level of taxation understandable to people without PhDs in Economics. They will also hate the Tax-O-Meter because it will remind hard-working taxpayers every week how high their tax burden is.’