Here’s the latest entry in our ongoing series of motivational quotes, personally selected to get your week off to an entrepreneurial start.
"So much for a 'temporary measure' introduced to fund the expenses of the First World War."
Ottawa software developer Ram Balakrishnan, commenting on income taxes to mark Tax Freedom Day, which took place across Canada on June 14 this year.
Balakrishnan has been blogging since 2004 under the name Canadian Capitalist. (His site, recently ranked the 5th most popular personal finance blog by the Globe & Mail, has long ranked as one of this blog’s “Best Outside Posts” -- see list at right.)
According to the Fraser Institute, Tax Freedom Day marks the day on which Canadians start working for themselves every year – having spent the first 5 1/2 months of the year working just to pay their taxes. (Besides income tax, the burden of course includes sales taxes, EI premiums, CPP contributions, provincial health premiums, municipal property taxes, employer contributions to EI and CPP, liquor tax, tobacco tax, amusement tax, fuel tax, gasoline tax, land transfer tax, motor vehicle license tax, import duties, and so on.)
The good news is that Tax Freedom Day is now coming earlier and earlier each year. After hitting a record-late date of June 25 in 2005, TFD took place on June 23 in 2006 and June 18 in 2007. Enjoy!
For more on Tax Freedom Day click here.