FMF NEWSLETTER 1 MARCH 2017
Dear friend of the FMF
This week’s Feature Article is by statistician Garth Zietsman, who annually calculates the notional day on which the country’s taxpayers have earned enough money to pay for government and can start working for themselves. He finds that government spending has not only increased, but it is also increasing faster than the growth of GDP. Tax Freedom Day will be later than ever this year, which means that the burden of taxes on taxpayers will be greater than it has ever been. According to the author, the South African government is already large by comparison with countries of the same size and a further increase in the size of government will inevitably lead to slower growth and poorer economic conditions for citizens.
Predicted Tax Freedom Day 2017 in light of budget speech – GARTH ZIETSMAN
Tax Freedom Day, this year, will be on 23 May – two days later than last year. For taxpayers, this year is the worst ever, and the next two years are projected to be even worse. Tax Freedom Day is the day when we South Africans will have earned enough to pay all the taxes levied on us by national government for the year. In other words, if we were required to pay all our taxes up-front, we would have to pay government ALL the money we earn through 22 May, and, only after that date ie from 23 May, could we start to think of it as our own.
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Publish date: 01 March 2017 Views: 785
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation. This article may be republished without prior consent but with acknowledgement to the author.