Blog

When You Start Working For Yourself And Not The Government

When You Start Working For Yourself And Not The Government
Profile photo of Gregory Cummings

On 17 April 2012 the United States celebrated its annual Tax Freedom Day. Wikipedia explains the concept:

“Tax Freedom Day is the first day of the year in which a nation as a whole has theoretically earned enough income to fund its annual tax burden. (…) Every dollar that is officially considered income by the government is counted, and every payment to the government that is officially considered a tax is counted. Taxes at all levels of government—local, state and federal—are included.”

In Canada, Tax Freedom Day is calculated by the Fraser Institute. In 2011, it fell on 6 June. This was the 157th day of the year. According to their research study:

“In 2011, the average Canadian family earned $93,831 in income and paid a total of $39,960 in taxes (42.6 per cent).”

If federal and provincial budget deficits were balanced through taxation (as opposed to equally devastating inflation), Tax Freedom Day would be even further delayed:

“In 2011, the federal government and most provincial governments expect to run budget deficits. Since today’s deficits must one day be paid for by taxes, deficits should be considered as deferred taxation. Had Canadian governments increased taxes to balance their budgets, the average Canadian family would have worked until June 21 to pay the tax bill. In other words, the Balanced Budget Tax Freedom Day arrives on June 22, 16 days later than Tax Freedom Day.”

This is a necessary consequence of the cradle to grave welfare-warfare state. To paraphrase Ron Paul, Tax Freedom Day should serve as a frightening reminder of how much liberty we’ve lost.

You deserve to keep the fruits of your labour.

Blog
Profile photo of Gregory Cummings
@gregorycummings

Gregory Cummings (@gregorycummings) is a Pharmacist and Certified Diabetes Educator. He has owned and operated his own retail pharmacy business since 2009. An alumnus of Dalhousie University in Halifax, Nova Scotia, Cummings received his bachelor's degree in pharmacy with distinction in 2008. He lives in Sault Ste. Marie, Ontario with his fiancee and daughter.

More in Blog

trump

Trump Learns The Reality Of Governance

Taylor LewisApril 22, 2017

No Nation Can Harm Another Economically

Patrick BarronApril 16, 2017
commercial bubble

Bankers, Always the Last to Know

Doug FrenchApril 14, 2017
0629poloz-300x2251

The Bank of Canada Should “Cease and Desist”

Caleb McMillanApril 11, 2017
14731489589479NKMJNs1PPQgc_O

Canada’s January GDP Numbers Raise Hopes and Obscure Reality

Caleb McMillanApril 8, 2017
parliament

How Elites Are MINING You: Must-Watch & Share

Mises CanadaApril 5, 2017
milk

Fed Gets Small, Realignment Begins

Doug FrenchApril 5, 2017
james-coyne

The Problems with the “Loonies,” Part Three

Caleb McMillanApril 2, 2017
poloz_wilkins_notes

The Problem with the “Loonies”, Part Two

Caleb McMillanApril 1, 2017