The Fraser Institute, May 19, 2020 is Tax Freedom Day

May 19, 2020 is Tax Freedom Day

Tax Freedom Day is the day in the year when the average Canadian family has

earned enough money to pay the taxes imposed on it by all three levels of

government (federal, provincial, and local).This year Tax Freedom Day falls on May 19th.

This means that if Canadians had to pay all their taxes up front, they

would have to pay each and every dollar they earned to governments prior to Tax

Freedom Day, when they finally start working for themselves. Ordinarily Tax

Freedom Day comes much later in the year—last year it fell on June 8th—but, an

earlier Tax Freedom Day this year is nothing to celebrate since it's not the

result of governments reducing taxes. Instead, Canadian families have been

significantly affected by the economic shutdowns in response to COVID-19. When

the economy slows and incomes decline, Canadians are bumped into lower income

tax brackets and pay a smaller percentage of income in taxes. Canadians

have also reduced their spending, which means less sales taxes are paid. And

Canadians should also be worried about the tax implications of the more than

$300 billion dollars in deficits our governments are running this year. These

unprecedented deficits will have to be paid eventually by Canadian taxpayers in

the form of higher taxes. So, in order to see how these deficits will affect Tax

Freedom Day in the future, we calculated a Balanced Budget Tax Freedom Day, the

day of the year when average Canadians would start working for themselves if

governments were obliged to cover current spending with current tax

revenues. In 2020 the Balanced Budget Tax Freedom Day won't arrive until July 26th!

That's another reason there's little to celebrate this Tax Freedom Day.

For more information, visit FraserInstitute.org

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May 19, 2020 is Tax Freedom Day May 19, 2020 is Tax Freedom Day Le 19 mai 2020 est la journée de la liberté fiscale 19 de maio de 2020 é o Dia da Liberdade Fiscal

Tax Freedom Day is the day in the year when the average Canadian family has Tax Freedom Day is the day in the year when the average Canadian family has O Dia da Liberdade Fiscal é o dia do ano em que a família canadense média tem

earned enough money to pay the taxes imposed on it by all three levels of ganhou dinheiro suficiente para pagar os impostos que lhe são impostos pelos três níveis de

government (federal, provincial, and local).This year Tax Freedom Day falls on May 19th. governo (federal, provincial e local). Este ano, o Dia da Liberdade Fiscal cai em 19 de maio.

This means that if Canadians had to pay all their taxes up front, they هذا يعني أنه إذا كان على الكنديين دفع جميع ضرائبهم مقدمًا ، فهم Isso significa que se os canadenses tivessem que pagar todos os seus impostos antecipadamente, eles

would have to pay each and every dollar they earned to governments prior to Tax teriam que pagar cada dólar que ganhassem aos governos antes do Imposto

Freedom Day, when they finally start working for themselves. Ordinarily Tax Dia da Liberdade, quando finalmente começam a trabalhar por conta própria. Normalmente Imposto

Freedom Day comes much later in the year—last year it fell on June 8th—but, an O Dia da Liberdade chega muito mais tarde no ano - no ano passado caiu em 8 de junho - mas, um

earlier Tax Freedom Day this year is nothing to celebrate since it's not the anterior o Dia da Liberdade Fiscal este ano não é nada para comemorar, pois não é o

result of governments reducing taxes. Instead, Canadian families have been resultado de governos reduzindo impostos. Em vez disso, as famílias canadenses foram

significantly affected by the economic shutdowns in response to COVID-19. When significativamente afetados pelas paralisações econômicas em resposta ao COVID-19. Quando

the economy slows and incomes decline, Canadians are bumped into lower income a economia desacelera e a renda diminui, os canadenses são esbarrados em renda mais baixa

tax brackets and pay a smaller percentage of income in taxes. Canadians faixas de impostos e pagam uma porcentagem menor de renda em impostos. canadenses

have also reduced their spending, which means less sales taxes are paid. And também reduziram seus gastos, o que significa que menos impostos sobre vendas são pagos. E

Canadians should also be worried about the tax implications of the more than Os canadenses também devem se preocupar com as implicações fiscais dos mais de

$300 billion dollars in deficits our governments are running this year. These

unprecedented deficits will have to be paid eventually by Canadian taxpayers in déficits sem precedentes terão que ser pagos eventualmente pelos contribuintes canadenses em

the form of higher taxes. So, in order to see how these deficits will affect Tax sob a forma de impostos mais elevados. Então, para ver como esses déficits afetarão a

Freedom Day in the future, we calculated a Balanced Budget Tax Freedom Day, the Freedom Day no futuro, calculamos um Balanced Budget Tax Freedom Day, o

day of the year when average Canadians would start working for themselves if dia do ano em que os canadenses médios começariam a trabalhar por conta própria se

governments were obliged to cover current spending with current tax os governos foram obrigados a cobrir os gastos correntes com impostos correntes

revenues. In 2020 the Balanced Budget Tax Freedom Day won't arrive until July 26th! receitas. Em 2020, o Dia da Liberdade Fiscal do Orçamento Equilibrado não chegará até 26 de julho!