Tax freedom day is almost into June

Tax freedom day falls on May 30th this year and if we take public borrowing into account - since that is a burden on future taxpayers - it pushes Tax Freedom Day even further on, to 11 June, says the Adam Smith Institute.

The March 2004 Budget moved Tax Freedom Day later by 3 days, from 28 May in 2003, to 30 May in 2004. This might look as if it is just two days extra - but since 2004 is a leap year, it is actually three days more.

That is three days more of the year that we have to work for the government, rather than for ourselves.

The situation is even worse if you take public borrowing into account.

Borrowing has to be paid for eventually, so it is right to consider it when calculating the total burden of government spending that is borne by taxpayers. Adding public borrowing into our calculations gives a 'real' Tax Freedom Day of 2 June in 2002. After a huge borrowing binge in 2003, it had been pushed out to 11 June. In 2004, the 'real' Tax Freedom Day is still 11 June - which is a day later, because 2004 is a leap year.


Worldwide	England	Northern Ireland	Scotland	Wales	London	Spain	France	Italy	USA	Investment


Privacy policy Terms of use Support Bookmark now! uk index						TheMoveChannel.com is a protected Trademark. Copyright © 2000 - 2008 On The Move Ltd. All rights reserved.