You are working for yourself, not the taxman, from today
THE AVERAGE worker has spent the entire year until yesterday working for the government, and only now will earn for themselves, according to a study from the Adam Smith Institute.
Its Tax Freedom Day report studies the government’s overall tax take, including charges on spending as well as income, and uses the calendar year to illustrate how much revenue the Treasury takes each year.
Tax Freedom day fell one day later this year than in 2014, as the overall tax burden crept upwards.
“Most people are shocked to learn that the government takes over two-fifths of the country’s earnings – and then borrows more,” said ASI boss Eamonn Butler. “High taxes are very bad for economic growth, as talent and initiative drain abroad.”