Friday, June 01, 2007

Tax Freedom At Last

Helluva nose though
Today is Tax Freedom Day, as calculated by our good friends at the Adam Smith Institute.

Hurrah. From now until 31st December we actually get to keep our own money.

Well... it sort of depends on who you are, of course.

And it sort of depends on not counting our escalating public debt burden as tax- add that on and the ASI says we've still got twelve days to go.
Unless that is, you count all that undeclared debt like public sector pensions and PFI. Add that in and... well, my back of envelope says... can that be right? Say £1.25 Trillion of undeclared debt amortised at say 5%... I reckon we're looking at another month or two.

Still, we like the idea.
So hurrah.
PS The TaxPayers' Alliance has put out an interesting note to mark Tax Freedom Day (here). They've assembled a league table of developed countries. The winner is the Slovak Republic, which got its freedom more than a month ago (26 April), closely followed by South Korea (27 April). According to the OECD, last year the Slovak Republic grew by 8.3%, and S Korea grew by 5%. We grew by 2.8%. Hmmm.... No wonder TPA Chief Exec Matthew Elliott reckons there's a taxpayer revolt brewing (see here).

No comments:

Post a Comment