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Tax Freedom Day came earlier in 2011

TAX Freedom Day, the day of the year on which a country’s taxpayers have finished paying their cumulative tax obligations to the government, came earlier in Slovakia in 2011 than it did in 2010. Tax Freedom Day was celebrated on June 3, 2011, while it arrived on June 7 in 2010, the SITA newswire wrote, citing an analysis prepared by the Slovak Taxpayers Association and the F.A. Hayek Foundation.

TAX Freedom Day, the day of the year on which a country’s taxpayers have finished paying their cumulative tax obligations to the government, came earlier in Slovakia in 2011 than it did in 2010. Tax Freedom Day was celebrated on June 3, 2011, while it arrived on June 7 in 2010, the SITA newswire wrote, citing an analysis prepared by the Slovak Taxpayers Association and the F.A. Hayek Foundation.

“On Friday (June 3), Slovak taxpayers stop working for the state and start working to earn money for themselves,” Matúš Pošvanc, the foundation's director, announced on June 2.

The analysis found that the earlier Tax Freedom Day in 2011 was due to continuing economic growth and measures taken by the government to consolidate public finances as well as by the presence of a weekend that reduced the number of days ‘working for the state’. The organisations also wrote that the shortest period for reaching Tax Freedom Day in the history of its tracking in Slovakia was in 2008, when the day fell on May 22.

The Slovak Taxpayers Association and the F.A. Hayek Foundation have calculated the date of Tax Freedom Day since 1999 based on total consolidated expenditures by the public sector as a percentage of GDP.

The F.A. Hayek Foundation also publishes a calculation each year showing the burden of taxes and levies on an employee and wrote that an employee with average income in 2011 will receive only €0.48 from each euro the employer is paying for his or her work.

Freedom and Solidarity (SaS) party, a member of the four-party ruling coalition, said in reaction to Tax Freedom Day coming on June 3 that it expects the day will move closer to the beginning of the year. But Pošvanc noted that it could also come later, pointing to the risk of higher taxes.


Topic: Finances and Advisory


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