From today, you work for yourself not the taxman
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** Happy Tax Freedom Day!
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* In 2021, we worked 150 days just to pay our tax bill. From May 31st onwards, we’re working for ourselves.
* Tax Freedom Day is now later than at any time since 1995 (as far as the best quality data goes back).
* High taxes discourage work, investment, and economic growth.
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** What is Tax Freedom Day?
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Every year, the Adam Smith Institute calculates the number of days the ‘average’ person would have to work just to pay off their taxes.
This year every penny the average person earned up until May 30th went straight to the taxman. From May 31st (Tax Freedom Day) onwards, the average person will get to keep every penny they earn.
We calculate Tax Freedom Day each year to illustrate the true size of the tax burden once you factor in taxes from every source. (Learn more about the calculation. ([link removed]) )
** Tax Freedom Day over the past 20 years
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Tax Freedom Day is now later than anytime since 1995:
The previous peak was in 2008 before the Great Recession. Under the Conservative/Liberal Democrat coalition Tax Freedom Day stayed relatively stable, increasing slightly at the end of the Parliament.
Since 2015, the total tax burden (as a share of net national income) has increased with Tax Freedom Day nearly creeping into June. Since 1995, the trend has been for parties of all stripes to increase the total tax burden.
Less reliable data ([link removed]) going back over the past 40 years finds that tax burdens tend to fall under Conservative governments and rise under Labour governments. Recent data revisions are unlikely to have shifted this trend, but we can’t say for certain.
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We need your support...
Now, you know that we here at the ASI don't take a single penny of public money. So these 150 days set us back as well. But clearly our work and your support is even more vital if we are to turn the tide. So, now that you're working for yourself, why not convert some of that cash into a donation to our work? We appreciate all forms of support, large and small. It's easy, just click this button:
Donate to the Adam Smith Research Trust ([link removed])
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** Join us for our next webinar to discuss Tax Freedom Day
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Tomorrow at 6pm BST, our Morgan Schondelmeier will be hosting Steve Baker MP, Polly Mackenzie of Demos, and tax expert and ASI fellow Richard Teather to discuss all things tax - including how we can make Tax Freedom Day come earlier!
Be sure to register now to secure your place and submit a question to our expert panel.
Register ([link removed])
We hope to see you there!
If you have any more questions about Tax Freedom Day, don't hesitate to get in touch. It would also help us enormously if you could pass this information on to your networks –– the tax burden matters to all of us and through educational efforts like this one, we can keep more money in the pockets of all Brits.
Yours,
e
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Adam Smith Institute
23 Great Smith Street, Westminster, London SW1P 3BL, United Kingdom
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