Slaves to the state ?

The Adam Smith Institute, has released up to date calculations revealing the length of time we work, on average, to pay off our tax bill. Britons have worked for a full 5 months this year to pay their taxes, with every penny earned in the UK between January 1 and May 29 taken by the taxman to support government expenditure.

This means that Tax Freedom Day, the day when people stop working for the government and start making cash for themselves, in 2011 is now May 30, 3 days later than in 2010.

The main reason for this is that the government has raised VAT, in order to help reduce the UK’s record budget deficit. Interesting to note that VAT is second only to income tax in raising revenue.

Britons as a whole work the following amount of days to pay each of the following taxes:

• Income Tax 39 days
• National Insurance 26 days
• VAT 29 days
• Corporation Tax 12 days
• Fuel duties & petroleum revenue tax 7 days
• Local taxes (business and council tax) 13 days
• Capital gains / inheritance tax 2 days
• Duties on alcohol and tobacco 5 days
• All other taxes 17 days