There’s a characteristically good editor’s letter in City AM today on Tax Freedom Day.
CONGRATULATIONS: you’ve just started to work for yourself. Today is tax freedom day, the day when Britons stop working for the chancellor and start working for themselves. The Adam Smith Institute has calculated that for the first 149 days of the year, every penny earned by the average UK resident will be taken by the government in tax. This year’s tax freedom day falls two days later than it did in 2011; net tax hikes mean the government is taking a larger share of our hard-earned income than before. That remains true despite the chancellor’s humiliating and confusing partial u-turn on the pasty and caravan taxes last night.
For comparative purposes, I thought I’d see what Britain’…
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