Replace All Federal Taxes on Income with the Fair Tax Act , HR 25 and S 122

And We Think We Have it Bad - Check Out the UK

I just read where the Adam Smith Institute has announced the UK Tax Freedom Day for 2011. Are you ready for this?

Brits work for 5 whole months, to earn enough to pay all of their taxes for the year.

Their Tax Freedom Day is May 30, 2011. That means that 40.8% of everything that they earn, goes to Her Majesty's government.

And we thought we have it bad, at around 30%. But this is where we're headed, if we don't get our taxes under control soon.

FYI, the US Tax Freedom Day will not be announced by the Tax Foundation, till the latter part of March.

Tags: freedom, tax

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Permalink Reply by John Gaver on March 2, 2011 at 12:15am

BTW, here are the Tax Freedom Clocks for both the USA and the UK.

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Permalink Reply by Deborah in Ohio on March 24, 2011 at 10:21am

As soon as Obamacare gets factored into the cost of doing business by 2012 or 2015, our tax rate will probably shoot up to 40 or 50%. We haven't seen the full cost of this monstrosity yet. The sooner we get the FairTax into place, the sooner there will be more and better jobs for all Americans.

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Permalink Reply by John Gaver on March 24, 2011 at 11:28am

Well Deborah, we'll know more within just a few days. The Tax Foundation usually announces the latest Tax Freedom Day around the end of March, just a day or so after the Bureau of Economic Analysis (http://www.bea.gov) releases its economic data for the year. I expect to see the "Deficit-Included" Tax Freedom Day shoot into June, for the first time in history. That's just an informed guess. But we'll see, in just a few days. I'll post the changes on FairTaxNation, as soon as the Tax Foundation announces the new dates.

FYI, I wrote a program that runs on my Mac every hour, from 8AM to 6PM Washington time, starting yesterday and running till the new date is announced, that checks the Tax Foundation site for the new data. That way, I'll be able to update the US Tax Freedom Clocks very soon after as the new date is announced.