Today is tax freedom day

scorza · 14 May 2009 at 08:28

http://www.adamsmith.org/tax-freedom-day/

Earliest since 1973 apparently, aren't taxes supposed to be higher than ever? Shame the government had to bail out private sector banks, otherwise we could have continued to enjoy low taxes under Labour. As it is we'll all be paying for the bank's mistakes for years to come :mad:

Sankari · 14 May 2009 at 08:41

You do realise that this thread is a lightning rod for people like Dolph, don't you?

scorza · 14 May 2009 at 09:01

Evangelion said:
You do realise that this thread is a lightning rod for people like Dolph, don't you?

Surely not?

I was genuinely surprised to hear on the radio this morning that this is the earliest tax freedom day since 1973 though. I guess it's mostly down to the abolishment of the 10p tax rate and reduction of the 22p tax band to 20p, which brings the average income tax bill down, and the temporary reduction in VAT.

Sankari · 14 May 2009 at 09:03

scorza said:
Surely not?

/facepalm

I was genuinely surprised to hear on the radio this morning that this is the earliest tax freedom day since 1973 though. I guess it's mostly down to the abolishment of the 10p tax rate and reduction of the 22p tax band to 20p, which brings the average income tax bill down, and the temporary reduction in VAT.

Presumably. Not that this helps us at all. :rolleyes:

PinkPig · 14 May 2009 at 09:05

scorza said:
I guess it's mostly down to the abolishment of the 10p tax rate and reduction of the 22p tax band to 20p, which brings the average income tax bill down, and the temporary reduction in VAT.

Actually I suspect that the biggest chunk is because of higher unemployment and companies making less money in the last year - as a result, less tax gets paid.

scorza · 14 May 2009 at 09:14

PinkPig said:
Actually I suspect that the biggest chunk is because of higher unemployment and companies making less money in the last year - as a result, less tax gets paid.

Ah yeah - they've changed their page now /blush.

Dolph · 14 May 2009 at 09:28

scorza said:
http://www.adamsmith.org/tax-freedom-day/

Earliest since 1973 apparently, aren't taxes supposed to be higher than ever? Shame the government had to bail out private sector banks, otherwise we could have continued to enjoy low taxes under Labour. As it is we'll all be paying for the bank's mistakes for years to come

The only thing that needs to be in response to this is national debt...

We've got another 5 weeks or so to pay off the borrowing binge, when the borrowing binge is taken into account, it's the worst figure since 1984...

Oh, and the point that PinkPig has raised, a dramatic revenue/income drop will result in a tax income drop. This is just another side effect of Labour's economic incompetence over the last 12 years.

Nice try though

RDM · 14 May 2009 at 09:32

This thread made me smile.

Dolph · 14 May 2009 at 09:43

RDM said:
This thread made me smile.

You weren't the only one

linktoinsanity · 14 May 2009 at 09:48

What does Tax freedom day actually mean? I doubt (such as all things to do with politicians) it's actually what it says: Do we get VAT off prices OCUK?

Dolph · 14 May 2009 at 09:49

LinktoInsanity said:
What does Tax freedom day actually mean? I doubt (such as all things to do with politicians) it's actually what it says: Do we get VAT off prices OCUK?

Tax freedom day is the point where the average person starts to earn money for themselves rather than for the government.