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. Tax Freedom Day 2002 will be 5th June in the United Kingdom. This means tha= t the average Brit has to work for 157 days of the year, solely in order to pay taxes. This year's date is two days earlier than Tax Freedom Day 2001 which (as today's Budget out-turn figures show ) actually fell on 7th June. However, the real crunch comes next year, with Tax Freedom Day 2003 falling on 8th June =8B the highest tax burden since the election of New Labour. The Chancellor is also predicting high deficits for this year. If these are put into the equation =8B since all borrowing has to be paid for, and deficit= s are paid for by future taxpayers =8B the 2002 date pushes out to 12 June. Dr Eamonn Butler, Director of the Adam Smith Institute, says: "This means w= e will have to work until 5 June just to pay our taxes. But then we'll have t= o work another week just to pay off the Chancellor's increased debts." International economist Gabriel Stein, who calculates Tax Freedom Day on behalf of the Institute, comments: "Of course we should celebrate when Tax Freedom Day moves earlier. But the date is only a prediction, based on exceedingly optimistic assumptions about growth rates by the Chancellor. An= d real and substantial rises in the tax burden will certainly come next year.= " For information on Tax Freedom Day visit www.taxfreedomday.co.uk --=20 Dr Eamonn Butler Adam Smith Institute, 23 Great Smith Street, London SW1P 3BL, UK E-mail info@adamsmith.org - Visit us online at www.adamsmith.org Tel +44 (0)20 7222 4995 - Fax +44 (0)20 7222 7544 To unsubscribe, visit www.adamsmith.org/lists.htm
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