October 1, 2022

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MPs call for lower taxes as UK marks latest annual Tax Freedom Day since the early-1960s

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MPs have called on the UK government to cut the burden on UK taxpayers after new figures showed working people spent a higher proportion of their incomes on taxes than at any other point since the early-1960s.

The calls come after the Adam Smith Institute (ASI) published new figures, for Tax Freedom Day, showing UK taxpayers will work an average of 159 working days this year, solely to pay the taxman.

The ASI’s Tax Freedom Day marks the point at which the average taxpayer would begin taking money home, if they were forced to pay their taxes first, before being allowed to pocket any money themselves.

This year, the ASI estimated that the average taxpayer will work up until 7th June, in order to pay their taxes, in the latest Tax Freedom Day for more than half a century.

The ASI figures show that UK taxpayers will pay out £869.4bn in taxes this year, equivalent to 43.29 per cent of the UK’s net national income.

Dr Eamonn Butler, Founder and Director of the Adam Smith Institute said: “If people were forced to work two full days a week for the Government, they would regard it as a form of serfdom.”

“But that is what they actually do, as the Government takes over 40% of their earnings in tax, and then it borrows because it still can’t keep its book balanced.”

Tory minister Penny Mourdant said: “To increase revenues and growth for the nation, cut taxes. To improve options and opportunity for individuals, cut taxes. To balance the state and generate wealth funds for future generations, cut taxes.”

Read more:
MPs call for lower taxes as UK marks latest annual Tax Freedom Day since the early-1960s

Business Matters

2022-06-08 04:35:20

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