Tax freedom day finally arrives
Adam Smith Institute calculates tax freedom day
The 31 May has been revealed as the point in the year when workers have
earned enough to pay off their share of tax, the
Adam Smith Institute has calculated.
This means it takes the average worker 152 days to earn enough money to cover
the total tax they will be liable for during 2007.
It is the exact same day as last year, but more than a week later than four
years ago – an indication of how heavily taxed workers are with more than
two-fifths of the typical earner’s wage goes to the government.
Butler, the director of the Adam Smith Institute, said: ‘The time cannot be
far off when a full half of everything we earn does disappear in taxes, as it
does in several countries in Europe’