Wednesday, June 20, 2007

Happy Tax Freedom Day Canada!

According to The Fraser Institute, starting today, "Canadians have paid off the total tax bill imposed on them by government and can finally start working for themselves."

The total tax bill has increased this year. "In 2007, the average Canadian family (with two or more individuals) will earn $83,775 and pay a total of $38,992 in taxes, for a total tax bill amounting to 46.5 per cent of its income. The average Canadian family will see its income increase by 3.4 per cent ($2,760) between 2006 and 2007 while the total tax bill increases by 1.5 per cent ($580). The largest increase among the myriad of taxes comes in the form of property taxes, up $279 for the average Canadian family. Other notable increases come in profit taxes ($256) and social security taxes ($118). Liquor taxes and natural resource levies both decreased between 2006 and 2007."

You can use their Personal Tax Freedom Day calculator to determine the day you stopped working for government and started working for yourself.

Although Tax Freedom Day falls four days earlier than in 2006, it still falls almost two months later than in 1961 which makes one wonder if things are truly better now than they were back then...

Wouldn't we all feel better about paying our fair share of taxes if we knew our tax dollars weren't being wasted???

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