Wednesday, June 8, 2016

Tax Freedom Day

Today's post is about taxes - the Fraser Institute says that June 7 is the day the average Canadian family has worked long enough to pay its total tax bill.  In 2016, the average Canadian family (with two or more people) earning $105,236 will pay $45,167 in total taxes.  That's 42.9 percent of its annual income.  This includes income taxes, payroll taxes, taxes on health and property and sales and fuel. 

In Britain, tax freedom day was a few days earlier - June 3rd. It falls four days later than in 2015, a concerning trend to the newspaper that covered this.  It is calculated by the Adam Smith Institute.  There isn't an amount given per family - only a total 42.27 percent of net national income.

The U.S. tax freedom day occurred April 24th - when the nation as a whole has paid off its tax bill. In the U.S. it is 31 percent of income. One can look at the state tax freedom days as well here.

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