Taxation, Individual Actions, And Economic Prosperity: A Review

by Joshua D. Rauh, Greg Kearney
Wednesday, January 6, 2021
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istock

A move toward socialist, government-centered economic systems in the United States, as proposed by the political left, would require a substantial increase in government resources, which could only be brought about through significant increases in tax revenue. According to data from Organisation for Economic Co-operation and Development (OECD) (figure 1), the US government spent 38 percent of GDP in 2019, placing it above countries such as Ireland (25 percent), Chile (26 percent), Korea (30 percent), and Switzerland (34 percent), but significantly below most OECD nations. The countries that top the list are France (56 percent), Finland (53 percent), and Belgium (52 percent).


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Taxation, Individual Action... by Hoover Institution