ISH workers will today celebrate tax freedom day, as employees stop paying money to George Osborne and start keeping their earnings.
The average person spends 150 days a year working to pay taxes, with a full 41.5 per cent of the nation’s income going to the government in 2013.
Tax freedom day, as calculated by the Adam Smith Institute (ASI), divides the year into the time taken to pay for the state, and time in which we keep our own money. This year, people will have to work a day longer than in 2012.
All indirect duties and income taxes are combined to work out how long it takes for someone on a typical salary to pay their portion.
“[Tax freedom day] is not how long a rich person has to work, it is the time the average person labours for the tax collectors,” said Eamonn Butler, director of the ASI.
The equivalent day for France will not arrive until July, but tax freedom day passed in April for the US and Australia, where citizens keep more money in their own pockets.