Happy Tax Freedom Day!
It may come as a shock that we have spent the last five months working solidly for the benefit of Gordon Brown and his colleagues at the Treasury, but that is the reality of it – more than two-fifths of an average earner’s wages is taken from them in taxes. When people joke that they spend as much time working for the taxman as they do for themselves, it is very nearly true.
The treasury now takes over 40 percent of the National Income in taxes - income tax, VAT, capital taxes, company taxes, inheritance taxes, and all the rest. That adds up to 152 days’ worth of the average taxpayer’s annual wages.
Worse still, this burden is rising. This years Tax Freedom Day comes two days later than it did in 2005, and more than a week later than in 2003. As Gordon Brown piles on more and more stealth taxes to feed an ever-growing public sector, the UK’s tax burden is rising faster than any in Europe - to the point where we are now taxed more heavily than even the Germans. Needless to say, this is damaging our international competitiveness and hampering our ability to attract new investment and create jobs.
Of course, Gordon Brown’s lavish spending plans are still outstripping his ability to pay for them - and so he has been forced into massive borrowing. As a result future taxpayers are set to face even higher tax bills in the future. The public debt is already equivalent to an extra 12 days worth of our earnings, and only looks set to rise.
Anyway, a Happy Tax Freedom Day to you all!
[Unless you live in the South-East or London, where Tax Freedom day does not come until 3 June or 5 June respectively. If you live in the Euro area you’ll have to wait until 20 June. Sorry.]
From Adam Smith Institute
Tags: Libertarian, Politics, Liberty, Freedom
