Economy

Taxes, from Tuesday 7 June Tax Freedom Day begins, Italians work for themselves – the economy

On Monday, June 6, Italians “finished” their work to pay taxes and state social security contributions, and from Tuesday 7 begins the so-called “Tax Freedom Day”, the legendary day of financial liberation, after which all proceeds end exclusively in their pockets.
The calculation is performed by the CGIA’s Studies Office in Mestre (Venice), dividing the estimate of the national annual GDP by 365 days of the year, thus obtaining the average daily figure.
Next, the revenue projections from Social Security contributions, taxes and fees that income earners will pay this year, in relation to daily GDP, were considered. The result of this process made it possible to calculate the “Tax Freedom Day” for the current year. A purely theoretical exercise, which nevertheless serves to show the “tax burden” that burdens citizens.
Compared to 2021, this year’s forecast comes a day earlier, just over five months after the start of the year, or 157 working days, including Saturdays and Sundays.
Among the 27 countries of the European Union, in 2021, Italy was 43.5% in the sixth place for the tax burden, which is a historical record for our country, behind Denmark (48.1%), France (47.2%), Belgium (44.9%) and Austria (43.8) %)) and Sweden (43.7%). Last year the EU average “stopped” at 41.5%.
Looking at the historical series, the “closest” “day of fiscal release” was in 2005, when the tax burden was 39% and for Italian taxpayers that was enough to reach May 23 (142 working days) to leave deadlines behind in taxes. The most recent one was actually in 2021, and it started on June 8.
“It is correct to point out – identifies Cgia – that this record peak in the tax burden is not attributable to tax increases, but to the critical growth of national GDP (over 6.5%) which after the vertical decline recorded in 2020 (-9 %) contributed to a significant increase in revenue.”
On the other hand, in 2022, with an estimated growth of 2.5%, the tax burden is expected to decrease by 0.4 percentage points, also thanks to the reduction in taxes and the contributions decided by the Draghi government, including the reform of the IRPEF. 6.8 billion in revenue), the contribution exemption of 0.8 percentage points for employees with a monthly salary of less than 2,692 euros (-1.1 billion), the exemption from IRAP for individuals (- 1 billion); Taking into account the ongoing slight improvement in the main economic variables, which is reflected in the revenue trend, according to the Ministry of Economy and Finance, the state is required to collect approximately 40 billion additional taxes and contributions compared to 2021, a part also attributable to the strong increase in inflation between 6 and 7%.
After the nominal date, June is marked by a real “tax jam”, with 141 tax deadlines, 122 of which (equivalent to 86.5% of the total) are expected payments. It starts in the sixteenth with IMU. (Dealing).

See also  Experts say the Centers for Disease Control and Prevention (CDC) testing requirements for travelers in the UK are like a "chain fencing to prevent mosquitoes"

Thelma Binder

"Explorer. Devoted travel specialist. Web expert. Organizer. Social media geek. Coffee enthusiast. Extreme troublemaker. Food trailblazer. Total bacon buff."

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
Close
Close