Bulgarian Workers Mark Tax Freedom Day
Working Bulgarians begin Wednesday to earn money for themselves instead of contributing to the State.
The information was announced by the Institute for Market Economy, proclaiming May 27 as the so-called 2009 "Freedom Day." The Institute's experts estimate that each year 40% of the total income of the Bulgarian workers is slated for taxes meaning that out of 12 months they spent 5 months earning the State's income.
In the last years, the "freedom" date in Bulgaria has fluctuated between May 23 and 29th. In most developed countries the day falls somewhere between the end of April and the beginning of May.
- » Daily Mail: Thomas Cook Says Bulgaria, Cuba Emerge as ‘New Hotspots' for British Tourists
- » Bulgaria, Russia to Look into Options for the Future of Belene NPP Project
- » Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016
- » Bulgaria’s Business Climate Worsens in July – NSI Survey
- » Bulgaria Appoints New Deputy Finance Minister
- » Trips of Bulgarians Abroad Rise 21% Y/Y in June
This tax freedom day concept is rather gimmicky and inaccurate. Viz this critique of the original US version:
"вЂњTax Freedom DayвЂќ Also Conceptually Flawed
The Tax Freedom Day concept also suffers from a deeper flaw. In its annual report, the Tax Foundation attempts to divide the year between days spent working to pay federal, state, and local taxes and days spent working to pay for other goods such as food, clothing, housing, transportation, and health and medical care.
As the Tax Foundation itself pointed out in its 2007 report, however, government revenues fund health and medical care for elderly and low-income Americans, and they fund a significant fraction of the medical research that generates valuable health care innovations. Government revenues also fund Social Security payments that enable elderly households to pay for food, clothing, and housing. Moreover, government revenues fund roads and bridges needed for private transportation purchases (e.g. cars) to have value. And they fund the educational system, justice system, and other basic infrastructure without which Americans would not be able to earn the incomes they currently do at the jobs they currently hold.
Of course, there are important debates to be had about the appropriate size of government. But these debates are not furthered by the Tax FoundationвЂ™s suggestion that Americans spend part of the year working to pay taxes and part of the year working for вЂњthemselves.вЂќ Rather, these debates require careful consideration of the merits of trading off public for private goods and services, recognizing that both generate value for American households."