Tax freedom tipped to take longer
New Zealanders will have to work longer next year to cover the Government's spending, the Business Roundtable says.
Wednesday, April 21st 2004, 7:56PM
by The Landlord
Today is "tax freedom day", the date when New Zealanders have earned enough to cover the Government's annual budget.It comes a day earlier than last year, but as spending is forecast to rise by 0.5 per cent of gross domestic product next year, tax freedom day is set to be delayed by three days, the Business Roundtable says. And if all public outlays, such as those made by local councils, were included in the calculation, tax freedom day would arrive on May 26 this year.
Tax freedom day on this broader measure comes more than two weeks earlier in Ireland (May 8), Australia (May 10) and the United States (May 10). For the Organisation for Economic Co-operation and Development as a whole it is May 29.
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