Here’s some important context: Overall, we pay relatively little in taxes today compared to other wealthy countries. Of the 24 countries that were members of the Organization for Economic Cooperation and Development (OECD) in 1979, the US paid the 16th highest share of its economic output in taxes. Fast-forward to 2010, and the US was the third least taxed country, ranking 32nd out of 34 OECD countries in terms of taxes as a percentage of Gross Domestic Product (GDP). As the graph below shows, only two countries, Chile and Mexico, paid less in taxes than the US did in 2010. And as the green bar shows, the 24.8 percent we forked over in taxes was significantly less than the average of 33.4 percent that the other 33 countries paid.
Posted on: Sat, 07 Jun 2014 01:21:06 +0000
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