Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average on some sources of revenue.
Different taxes create different economic impacts, so policymakers should always consider how tax revenue is raised and not just how much is raised. This is especially important as the economic recovery from the pandemic continues.
In the United States, individual income taxes (federal, state, and local) were the primary source of tax revenue in 2020, at 41.1 percent of total tax revenue. Social insurance taxes (including payroll taxes for […]
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