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