Total tax revenue | The Economist

I found this bit from the Economist interesting.

Total tax revenue | The Economist.

Tax revenues have risen as a share of GDP across the OECD over the past 30 years. In 2007 Denmarkâ??s government collected nearly half its GDP as taxes, making it the most heavily taxed among all the rich countries. … France, Norway and Italy also have tax revenues of more than 40% of GDP. At the other end of the spectrum, America and South Korea are relatively lightly taxed, with ratios of under 30%

Regardless of who wins the White House tomorrow, we will all pay higher taxes. How else can we afford two wars, bail outs, the Bush tax cuts, and everything under the sun politicians in all levels of government decide on to satisfy their/our fancies.

I should note that the national debt has risen $500 billion dollars since October 2 when it hit $10 trillion. Today, total outstanding public debt is at: $10,574,094,462,968.23.

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