ECONOMY/TAXES/TRUMP AS PRESIDENT: “Taxes are going up around the world, but the U.S. is already bucking that trend.
The Organization for Economic Cooperation and Development on Thursday [11-23-17] said the share of economic output taken by governments in developed economies as taxes has risen to its highest level since records began 50 years ago.
But in the U.S., taxes as a share of gross domestic product fell in 2016 to below the level recorded in 2007, the year before the financial crisis hit and briefly reduced tax revenues for governments around the world.
According to the OECD, the U.S. government—at national, state and local levels—raised the equivalent of 26.2% of GDP in taxes last year, placing it 31st out of the research body’s 35 members. Only Turkey, Ireland, Chile and Mexico taxed less…
President Donald Trump often says the U.S. is the highest-taxed country in the world, a claim contradicted by the OECD data.”
-Paul Hannon, “As Global Governments Raise Taxes, U.S. Revenues Are Already Falling,” The Wall Street Journal online, Nov. 23, 2017 05:00am