Think tank the Adam Smith Institute has suggested that UK taxpayers are giving more of their income to the Treasury than at any other time.
According to research published by the Institute, from 29 May 2018, employees will be ‘working for themselves’, having worked 148 days ‘just to pay their tax bill’.
Each year, the Adam Smith Institute calculates the number of days it takes the ‘average’ taxpayer to pay their taxes. For 2018, the Institute has suggested that ‘every penny’ workers earned up until 28 May went to the Treasury.
The Adam Smith Institute has therefore dubbed 29 May ‘Tax Freedom Day’ for 2018. From this date onwards, employees will get to ‘keep every penny they earn’, according to the Institute.
The research also revealed that this year’s Tax Freedom Day falls three days later than in 2017, and is the ‘latest it has been’ since records began in 1995.
Commenting on the findings, Sam Dumitriu, Head of Research at the Adam Smith Institute, said: ‘Tax Freedom Day is a stark illustration of the UK’s tax burden.
‘It is a reminder that public services such as education, welfare and the NHS must be paid for, either through taxes or borrowing – taxes on the next generation.’