Published: Sat, December 08, 2018
Finance | By Loren Pratt

France Has Highest Taxes of Any Wealthy Country, Says OECD

France Has Highest Taxes of Any Wealthy Country, Says OECD

The OECD figures reveal that tax revenues in Greece increased by 8.2 percentage points of gross domestic product in the decade from 2007 to 2017, and even if one focuses only on the 2010-17 bailout program period there is a hike from 32 percent to 39.4 percent of GDP. In the meantime, GDP fell by 25% when tax revenue from USD 95.9 billion in 2010 was USD 71.6 billion in 2015 and skyrocketed to USD 78.9 billion in 2017.

But if the so-called Yellow Vests movement wants to push now for a full cancellation of the increase, it just got some data to support its case: France had the highest tax burden across the 34 OECD nations previous year, according to a report published Wednesday.

The French government's tax revenues were equivalent to 46.2% of its economic output, up from 45.5% in 2016 and 43.4% in 2000. The protests have at times turned violent, in particular in Paris.

South Korea ranked 32nd out of the 36 nations with a tax to GDP ratio of 26-point-nine percent, lower than the OECD average of 34-point-two.

Macron's government, which aims to gradually reduce the overall tax burden during his five-year term, on Tuesday suspended further planned increases in fuel taxes for at least six months to try to calm the spiralling crisis. Japan's tax-to-GDP ratio was 30.6 percent and the United States' 27.1 percent. Countries with high income and profit taxes included Denmark (29.1 percent) and Iceland (18.6 percent), while those with low taxes were Turkey (5.3 percent) and Lithuania (5.4 percent).

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