Tax Freedom Day: Today is the first day this year we earn for ourselves instead of the taxman
Category: Tax Freedom, Uncategorized
By Daily Mail Reporter and Becky Barrow
PUBLISHED: 04:57 EST, 29 May 2012 | UPDATED: 04:57 EST, 29 May 2012
Today is the first this year that we started to earn money for ourselves instead of the taxman.
Tax Freedom Day is calculated each year by think tank the Adam Smith Institute by subtracting the money taken in all forms of tax from net national income.
This year we all had to work 149 days to pay off that tax.
For the taxman's coffers: Workers had to work an average of 149 days to pay off all forms of tax
Dr Eamonn Butler, the institutes director, said the theoretical date is the plainest way to show what the tax burden really is.
TFD was on May 28 in 2011, making it two days later this year, including a leap year day.
The think tank adds levies including VAT, income tax, national insurance, council tax, excise duties, air passenger taxes, fuel and vehicle taxes in its calculations.
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Tax Freedom Day: Today is the first day this year we earn for ourselves instead of the taxman
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