The US Collects Substantially Less In Tax Revenue As a % Of GDP Than Many G8 Countries

Image Source: Wall Street Journal

The Wall Street Journal reports that the United States collects substantially less in tax revenue than many G8 countries when measured as a percentage of GDP.

While the percentage has grown in the past three budget years by over 10%, the United States still collects a little over 25% of GDP in tax revenue while even its closest comparison country, South Korea tax collections account for nearly 33% of its GDP.

During the upcoming 2024 elections and with the tax cuts adopted under then-President Trump approaching their expiration date, tax policy is very likely to be much discussed in the dats and weeks ahead and we will keep you updated on pertinent facts.

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