The US has the 4th-lowest tax rates in the world following last year’s GOP cuts
(Worthy News) – A sweeping tax overhaul signed by President Donald Trump pushed US rates to among the lowest in the world last year, the Organization for Economic Cooperation and Development said Thursday.
The US posted a steeper drop in tax rates than any other OECD country in 2018, falling to 24.3% of gross domestic product from 26.8% a year earlier. That put it roughly 10 points below the organization’s annual average rate.
Just three of the 34 countries analyzed — Chile, Ireland, and Mexico — had lower tax burdens than the US last year. The decline was driven by a $1.5 trillion tax-cut package Republicans passed in 2017, which was the largest in decades. [ Source: Market Insider (Read More…) ]
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