Tax Freedom Day & The Rally Against Debt
Well, it's Tax Freedom Day on the 30th May. Last year, Tax Freedom Day was tomorrow, according to L'Anglophone.
According to research, 40.8% of the entire nations' salaries will go into the tax pot. What this means in practice is that 30th May is the first day of the year upon which we've paid our entire tax bill and actually begin working for ourselves.
For the last 149 days, the whole country has been working flat-out just to pay the tax man.
Taxation & Transparency: Introducing the Fair Tax to the UK
Whilst overall I'd prefer to have no tax, on a moderate scale I've long been a supporter of the FairTax Proposal in the USA, and I've never really hidden that preference. It's an often-cited fact that consumption is a better indicator of wealth than income, and for good reason. Those involved in the black market, retired rich pensioners, the idle rich and tourists all have zero income under the current system, but quite probably have a far greater consumption rate than low to middle earners.
Basically, the FairTax proposal is a flat tax coupled with a prebate (rebate sent before the tax year) to make it progressive. The FairTax would replace all existing national taxes including VAT, income tax, corporation tax, inheritance tax, national insurance and gift taxes.
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Recent Comments
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