THE Adam Smith Institute has designated today ''Tax Freedom Day'' to illustrate how much of our money goes on taxes.
The free market think-tank has calculated that the average wage earner would have to work every day, including weekends and bank holidays from January 1 to May 27 to pay the tax bill for the year.
This includes income tax as well as indirect taxes such as VAT, capital gains tax, inheritance tax, council tax and duty charges on petrol, alcohol and tobacco.
Dr Eamonn Butler, a director of the institute, said: ''When the figures are presented in this way it is really quite alarming.
''The aim of Tax Freedom Day is to show ordinary taxpayers exactly how much of their money ends up with the Government.
''Taxpayers spend nearly half their time working for the Government, and only half their time working for themselves.''
The institute has been working out the Tax Freedom Day for the past 10 years.
Despite more than a decade of political commitment to a ''low tax economy'', Tax Freedom Day still falls much later in the year than it did a generation ago, meaning ordinary employees are spending more time working for the Government and less time working for themselves.
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