Last year was a record one for personal income taxes in the US and close to a record for taxes overall. But at 27.7% of gross domestic product, US tax revenue remained very much on the low side among the members of the Organization for Economic Cooperation and Development, the club of the world’s affluent democracies.

These numbers, from the OECD’s annual revenue statistics report released last week, factor in state and local taxes as well as national ones. Those state and local taxes vary depending on where you live in the US, with the Tax Foundation estimating 2022 state and local tax burdens ranging from 4.6% of net state product in Alaska to 15.9% in New York. This measure is not exactly equivalent to the OECD’s tax revenue as a percentage of GDP, but looking at a state’s distance from the national state and local tax burden mean of 11.2% does give some sense of where different states might fall in the OECD rankings: Alaska in the vicinity of Ireland and Turkey; New York close to South Korea.

QOSHE - Low Taxes and High Spending Are a Rich Country Anomaly - Justin Fox
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Low Taxes and High Spending Are a Rich Country Anomaly

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11.12.2023

Last year was a record one for personal income taxes in the US and close to a record for taxes overall. But at 27.7% of gross domestic product, US tax revenue remained very much on the low side among the members of the Organization for Economic........

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