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Come Inside... => The Commons => Topic started by: Snoopy on December 29, 2010, 11:54:06 AM

Title: Tax Freedom Day
Post by: Snoopy on December 29, 2010, 11:54:06 AM

I see that Tax Freedom Day 2011 will be May 30th .... three days later than 2010!

Source: "Adam Smith Institute"

Title: Re: Tax Freedom Day
Post by: Tipsy Gipsy on December 29, 2010, 11:22:21 PM

What is this?

Title: Re: Tax Freedom Day
Post by: Barman on December 30, 2010, 07:25:34 AM

Quote from: Tipsy Gipsy on December 29, 2010, 11:22:21 PM

What is this?

The day after which you keep the money you earn... before then the taxman gets it...

Title: Re: Tax Freedom Day
Post by: Snoopy on December 30, 2010, 07:46:58 AM

BM has the right of it.

Every year the Adam Smith Institute calculates how many days work you have to do to pay for your year's tax liabilities in one lump rather than spreading it over the full tax year. Obviously it is an average but it is a fair indication that taxes get higher (or lower) each year. The assumption in their calculation is that ALL your income for the period is paid over to settle your 'debt' to the Government before you can call your earnings your own.