Tax Freedom Day and Cost of Government Day
Tax Freedom Day fell on 28 May this year. This means it has taken an average period of 148 days of the year solely to pay taxes and only from Tax Freedom Day onwards is the money earned yours.
Tax Freedom Day fell three days earlier in 2014 than it did in 2013, but even so - nearly five months is a long time.
However, remember that the government spends more than it raises, and borrows the difference. If the government borrowing is included in the calculation, the Cost of Government Day – the total burden of what the government actually spends – does not come until 26 June.
Just to be clear, the tax burden includes income tax and national insurance plus value added tax and other taxes on alcohol, tobacco, cars, fuel and so on.
Date: 17th June, 2014
Articles from this Author
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
Mercer & Hole’s Robert Jamieson wins a Lifetime Achievement Award at the Tolley’s Taxation Awards 2018… twitter.com/i/web/status/9…
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole