Driven by the federal tax cut that Congress and Mr. Trump enacted at the end of 2017, U.S. taxes at all levels of government fell to 24.3% of gross domestic product in 2018, down from 26.8% a year earlier and 25.9% in 2016.
That 2.5 percentage-point drop was only the fourth time since 1995 that any country’s tax burden has declined by at least that much in one year outside of the financial crisis, according to OECD, an intergovernmental economic organization with 36 member countries including the U.S.
The steepness of the decline stemmed partly from an increase in 2017, when a one-time tax from the 2017 law was counted as revenue that year.
Measured as a share of the U.S. economy, taxes are now 10 percentage points below the 2018 OECD average of 34.3%. Among 34 countries with preliminary 2018 data, the U.S. tax burden is lower than everywhere except Chile, Ireland and Mexico. The tax cut drove U.S. taxes below Turkey’s, and taxes in France and Denmark are now nearly twice what they are in the U.S.
So in the US, more people get to keep more of their own money – WHAT A COUNTRY!
Note: AOC and Bernie keep telling us to look at the Scandinavian countries as the socialist model for what the US should be (Constitution be damned). So, look at your paycheck stub, count up all of the tax deductions, double it, and tell me if you’d like the net after that. Which is better, keeping what you earned for yourself and family and giving voluntarily, or just have the government take it because “they can spend it better than you can” (which is what AOC and Bernie really mean).
(H/T: Instapundit)
