Today is debt freedom day in Britain

Bruce Wayne · #1 (**permalink**) 02-06-2006, 02:35 AM

It takes the average earner 35 days to pay off the interest on their loans and credit card debts each year, thus making today Debt Freedom Day. In a positive sign, Debt Freedom Day is falling 4 days earlier in Britain than last year.

Tree0164 · #2 (**permalink**) 02-06-2006, 04:12 AM

I wonder when it is in the US.

Ima saver · #3 (**permalink**) 02-06-2006, 09:24 AM

Probably Dec. 31st!!

Fern · #4 (**permalink**) 02-08-2006, 01:54 PM

IN the US we have something called Tax Freedom Day (APril 17), which marks the point in the year when Americans pay off their annual load of taxes.

www.taxfoundation.org

Bruce Wayne · #5 (**permalink**) 02-08-2006, 02:07 PM

Yeah we have that too. This is slightly different though as it isn't money you owe to the government but to private companies and calculates when you finish paying off the interest on your commercial loans (not including mortgages)

VJW · #6 (**permalink**) 02-09-2006, 09:23 AM

Quote:

Originally Posted by Fern

IN the US we have something called Tax Freedom Day (APril 17), which marks the point in the year when Americans pay off their annual load of taxes.

www.taxfoundation.org

That’s a myth.

Since almost 80% of Americans are in the bottom federal tax bracket and only pay about 5% of their income in federal income taxes, they have paid their federal tax obligation by January 20th of the year, and with their federal tax obligation being far and away their largest tax obligation, it would not involve many more days to cover the rest.

The “Tax Freedom Day (April 17)” is merely propaganda from fake RightWing front groups (Like the 'Tax Foundation')

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