Tax Freedom Day: No More Tax Payments Starting Today

The End of Taxes for 2024

As of today, Italians will no longer have to pay taxes.
Monday, June 3 marks the tax freedom day for 2024.
From today onwards, Italians will work to bring their salaries home and use them for their needs, rather than for paying taxes.

Half a Year of Taxation

It is striking to think that for half of the year, tax collection entirely absorbs the salaries of Italians.
This is a purely theoretical concept, but for over six months in 2024, Italians have worked to finance the services that the State provides to its citizens.
These resources are essential for the proper functioning of schools, healthcare, security, transportation, and public offices.
Taxes also contribute to funding pensions and the salaries of public sector workers.

The Purpose of Taxes

The taxes paid by Italians are funds that the government first collects and then invests in services and welfare.
It is crucial to highlight the role of taxation in sustaining public services.

The Theoretical Date

The Cgia di Mestre emphasizes that June 3 is a theoretical date and does not signify a day when taxes are no longer due.
It serves to demonstrate the heavy tax burden in Italy, with workers spending 154 days of their labor (and income) to fully pay all due taxes in 2024.

Calculation of Tax Freedom Day

Tax Freedom Day is calculated by theoretically dividing the €2.163 trillion GDP by 366 days.
This results in a daily average of €5.9 billion.
By relating the total tax revenue for 2024 (€909.7 billion) to the daily GDP, Tax Freedom Day falls on the 155th day of the year, June 3.

Historical Perspective

Over the years, Tax Freedom Day has varied.
In 2005, with a tax burden of 39% of GDP, taxpayers were freed from taxes on May 23, the 143rd working day of the year.
Conversely, in 2013, with a tax burden of 43.4%, Tax Freedom Day was only reached on June 8.

For further insights, you can read more about Tax Freedom Day and its annual variations.