A Happy Tax Freedom Day To You!
WHERE are your pointy party hats and streamers? Why don’t you have a piece of cake and a glass of cheap sparkling wine in your hand?
Don’t you know it’s Tax Freedom Day? No? Well you’re not the only one. (Pic: The Spine)
The Guardian have been kind enough to remind us that today is the day that marks the theoretical point in the year when we apparently stop working for the Government and start making money for ourselves.
The date is arrived at by working out the length of time the average UK resident must work from the start of the year in order to pay off their annual tax burden. And June 1st is that special day.
According to the Adam Smith Institute, the Government grabs over 40% of the nation’s income, to spend on spin doctors and farewell tours.
However, the independent financial advice website Unbiased.co.uk claims that UK tax payers are giving up far more of their earnings than they should with the UK set to lose £7.9billion this year on unnecessary tax. Which is rather a lot, isn’t it.
Somehow I don’t feel like partying now. Nor paying. Come the revolution…
Posted: 1st, June 2007 | In: Money Comment | TrackBack | Permalink
