As the Chancellor’s budget continues to make waves, all Britons’ eyes are on their financial welfare.
But are the taxes we pay in the UK as bad as we think?
A new survey from the OECD economic think tank has shown that compared to other developed nations, taxes in the UK aren’t as high as plenty of other places.
The OECD survey reveals that when income taxes, social security contributions, taxes on property, goods and services are all added together they account for 33.2% of the UK’s overall earnings. That is made up by 10.7% from taxes on goods & services, 11.9% on taxes on income & profits, 6.3% social security contributions 6.3% and 4.2% on taxes on property.
But that’s lower than the OECD average of 34.3% and lower than many of the totals of other countries, like Germany where taxes make up 37.6% of the country’s revenue.
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France and Denmark have the highest taxes, with taxes make up 45.3% and 45.9% respectively.
In contrast, in the US tax revenues make up just 26% of the country’s revenue, made up by 4.4% on goods and service, 12.7% on income and profits, 6.2% on social security contributions and 2.7% on taxes on property.