![]() "That Tax Freedom Day falls so late in the year is a sign this government is failing to deliver on what is left of its free market rhetoric. Mark Littlewood, Director General of the Institute of Economic Affairs, said: Without radical reform, we risk ending up in a vicious circle of tax hikes and weak economic growth." Instead, the Government needs to come up with a plan to overhaul the tax system – so that it can raise money as efficiently as possible, while also reducing the burden on people's earnings and investments. "The latest Tax Freedom Day in decades should serve as a stark reminder that this isn't the time for tax increases. Tom Clougherty, head of tax at the Centre for Policy Studies, said: As politicians prepare to say that businesses and families need to prepare for global minimum taxes, the least they could do is to look again at the burdens they’re putting onto all of us to pay for their largesse.” We can all forgive the government reaching for easy credit in a crisis but the fact of the matter is that the cost of government has been on a rising path for years now. “Borrowing off the backs of others is easy, making sure the books are balanced is the hard part. What we need now is a plan to reduce the burdens on working people, that lets them keep a little more of their hard-earned money.ĭr Eamonn Butler, Founder and Director of the Adam Smith Institute, said: As the pandemic comes to an end we need a new approach that lets taxpayers keep more of their money, which grows our economy, creates jobs and boosts wages. With talks of global minimum taxes on the businesses that allowed millions of us in the UK to work from home and still get fed, entertained and connected, the minimum governments could do is look again at the costs they impose on all of us. Tax Freedom Day is over a month and a half later in the UK than it is in Biden’s America, where workers started taking home their own pay from April 16th this year. All borrowing is a form of taxation deferred and the hundreds of billions of pounds borrowed to tackle this viral threat will only begin to be borne in future years and as the government begins to unlock economic activity. Unfortunately for Britons, this Tax Freedom Day cannot yet fully take into account the tax costs of measures taken to tackle COVID19 - and the Government has been borrowing hundreds of billions more to finance the covid response. Britain’s tax burden is moving in the wrong direction. More of us are working for Boris than worked for the taxman in any year under New Labour, the Coalition or Theresa May’s governments. Brits will fork out £730 billion to the Treasury this year, over two-fifths of every pound we earn. This year the Adam Smith Institute has estimated that every penny the average person earned for working up to and including May 30th went to the taxman- from May 31st onwards they are finally earning for themselves.īritish taxpayers have worked a gruelling 150 days for the taxpayers this year. Tax Freedom Day is a measure of when Britons stop paying tax and start putting their earnings into their own pocket.
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