Monday , 17 June 2024

Are Taxes Higher In the U.S., Canada Or Britain?

The all-encompassing, deceptively brief infographic presented here by Fortunly includes specific examples of taxes around the world and how different conceptions of taxation are evolving in the digital era. No one enjoys paying taxes, but we hope you will enjoy learning about them here.

Before we get to the infographic below feast your eyes on the following:

US Taxes Lower Than in Most Developed Countries

The Tax Policy Center on Monday released a chart that reminds us once again that taxes are lower in the U.S. than in most developed nations — and that was true even before the Republican tax cuts took effect in 2018.

Drawing on data from the Organisation for Economic Co-operation and Development, which has 36 relatively high-income member nations, TPC said that total tax revenues in the U.S. — including all levels of government — in 2017 came to about 27% of gross domestic product, nearly 10 points lower than the OECD average of 36%.

The U.S. ranks 31st on the measure among the 36 OECD nations.