Comparing+Taxes+Around+the+World

Comparing Taxes Around the World

By: Ian Gimbar, Chris Casalle, Courtney Cawley, and Paige Phillips

The United States compared to the rest of the world. http://economix.blogs.nytimes.com/2009/11/24/the-tax-burden-around-the-developed-world/
 * Denmark ranks first in the world in total tax revenues of gross domestic products with 48.3%.
 * Switzerland is second with 47.1%.
 * Mexico and Turkey ranked as the two lowest with 21.1% and 23.5% respectively.
 * The U.S. ranks as third **last** on the list with only 26.9%.

http://moneycentral.msn.com/content/taxes/p148855.asp
 * The people of America have the lowest income tax rates in the world.
 * Households with one income and two children, only Iceland and Ireland can beat America in income tax rates.
 * Sweden, Turkey, France, and Poland have incredibly high tax rates, although they do receive more social services, for example added health care plans along with secure pensions.
 * In other countries they may pay more in taxes but they gain it back in terms of social services

How do US taxes compare internationally? http://www.taxpolicycenter.org/briefing-book/background/numbers/international.cfm
 * Rank relatively low compared to other more developed countries
 * Mexico, Turkey, Korea, and Japan were the only countries with lower taxes than the United States.
 * In many European countries the taxes exceed 40%
 * Corporate income taxes accounted for a large number of US taxes

The highest tax revenue is found in Denmark, and Sweden The lowest tax revenue is found in Turkey and Mexico http://economix.blogs.nytimes.com/2009/11/24/the-tax-burden-around-the-developed-world/

Some countries are in the debate of whether or not it is a good idea to raise tax rates or cut the amount of Medicare, Social Security, and Department of Defense.

High taxes could ruin the US economy which is considered a very diversified and creative. The taxes could be raised, however not by much if there is hope to keep the US economy on good terms http://popdose.com/numberscruncher-taxes-around-the-world/