Each spring, the Fraser Institute puts out what it calls its Tax Freedom Day calculation which is designed to bring attention to the amount of money governments take from our incomes each year. Now, this looks not only at income tax but all the ways government reaches into your pocket including sales tax, levies, fees and so on.
This year’s calculation is especially interesting because of the deficit spending we’re seeing at the senior levels. Since, governments aren’t going to tax us enough to cover their bills, they’re borrowing to fill the gap. And that results in two calculations this time around.
When you divide up the amount revenue governments are taking it, Tax Freedom Day nationally was May 24, seven days later than last. Here in Saskatchewan it was May 20. But if governments were tax us enough to cover all of their spending Freedom Day would be pushed back to the first week in July.
The report also has a breakdown on which level takes the most…for Saskatchewan, Ottawa grabs 60% of our tax outlay, the province takes 34 and local 6%.
