Tax Freedom Day Is At Its Latest In 15 Years

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Tax freedom day’ has fallen in June for the first time in 15 years, raising a “red flag” that the tax burden is moving in the wrong direction, according to a think tank.

The day marks the point when employees have theoretically earned enough income to pay their taxes for the year – and it is four days later than it was last year.

The Adam Smith Institute found that tax receipts are expected to be 42% of net national income this year and will take workers 154 days to cover.

The institute’s director Eamonn Butler said: “The Treasury hates tax freedom day because they don’t want us to know how much tax we really pay.

“They conceal the tax burden with stealth taxes that we don’t even realise we’re paying.

“But it’s shocking that the Government takes over two-fifths of the country’s earnings – and then borrows more.

“We work longer for the Government than mediaeval serfs had to work for their Lords.

“It is absurd that people on the minimum wage are liable for National Insurance Contributions, which raise their cost to employers and make it harder to move from benefits into work.

“The poor are also worst hit by regressive taxes like excise duties on what they buy.”

The institute said that net national income has increased by £34.6bn from last year but the Government has taken up £35.4bn more in taxes.

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