High taxes or low? How the US ranks among other nations
You may have missed it as you were piling up the turkey and cranberry sauce, but the Organization for Economic Cooperation and Development released a report last Thursday that confirms that the U.S. is a low-tax country when compared with other developed nations.
In 2015, the sum of all federal, state and local taxes in the U.S. was equal to 26.2 percent of GDP, and preliminary data for 2016 shows the percentage slipping to 26 percent. The recent figures are well below the recent peak of 28.2 percent recorded in 2000.
The tax burden in most developed countries is considerably higher, with an average tax-to-GDP ratio of 34 percent in 2015 and 34.3 percent in 2016, and tax revenues are trending higher on average. For the OECD as a whole, taxes as a percentage of GDP are the highest level since 1965.
The U.S. ranks 31st out of 35 OECD nations on the measure, with only Turkey, Ireland, Chile and Mexico taxed less.
https://www.msn.com/en-us/money/markets/high-taxes-or-low-how-the-us-ranks-among-other-nations/ar-BBFPn4D?li=BBnbfcN&ocid=edgsp
