Workers have reached "Tax Freedom Day" after spending the first 149 days of 2011 effectively paying their annual tax bill. According to the Adam Smith Institute, British taxpayers have spent three days more working for the Treasury this year compared in 2010, and as of today (Monday), it says, people are now earning money for themselves.
Their calculations are designed to demonstrate the extent of the tax burden in the UK, with the longer wait for Tax Freedom Day this year largely reflecting the January increase in VAT from 17.5% to 20%. They also suggest that paying off the national debt would require the entire wage packets of UK taxpayers working for 525 days, almost a year and a half, without any money going to public services.
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