"TAX Freedom Day", a symbolic marker used to measure each country's overall tax burden, fell on May 22 in Slovakia this year, the F.A. Hayek Foundation and the Association of Slovak Taxpayers announced.
Slovakia's Tax Freedom Day moved forward three days compared to last year. This day has been moving towards the start of the year for about three consecutive years. In 2005, Tax Freedom Day fell on June 7.
According to the Tax Foundation, a tax-exempt educational organisation based in Washington, D.C., Tax Freedom Day answers the question "What price is the nation paying for government?"
The day is arrived at by dividing the amount a country collects in taxes (and, in Slovakia's case, social payments) by its total income. That number, expressed as a percent, is then applied to the number of days in the year, which results in a specific date.
