Reported 2 days ago
Americans benefit from lower tax rates compared to many developed countries, with total taxes in 2023 representing only 25.2% of GDP, versus an OECD average of 33.9%. However, this tax relief comes with significant trade-offs, such as a reliance on state governments for funding social programs and less comprehensive safety nets. Unlike many nations that utilize a value-added tax (VAT) to raise revenue, the U.S. primarily relies on income taxes, which allows for a lower overall tax burden but may lead to disparities in essential services like education and healthcare.
Source: YAHOO