I must credit Mr FM for originally posting this item a few days ago – but I did want to share it with you lot…
What is tax freedom day? It is the day of the year from which we become free of working to pay tax… so how long do we have to spend working for the government, rather than ourselves? The answer is nearly half the year:
The March 2005 Budget moved Tax Freedom Day later by 3 days. The March 2006 Budget means that this year we will have to work yet another three days for the government. These are both historically very large increases in the tax burden. And 3 June is the latest that Tax Freedom Day has been since 1988!
Cue a complete lack of surprise….Tax and Waste Brown continues on his merry way.
I did a rough calculation to try and figure out the equivalent Tax Freedom day for Hong Kong. The answer: Feb 14th.