Tax - Tax revenue - OECD Data (2024)

FAQs

What is the OECD tax rate Data? ›

OECD Tax Database. oe.cd/tax-database. The tax wedge of the average worker in OECD countries is comprised primarily of employer SSCs (13.4% of labour costs), followed by income tax (13.0%) and employee SSCs (8.2%). In 2022, a top statutory PIT rate of more than 30% applied in all but five OECD countries.

The OECD's annual Revenue Statistics report found that the tax-to-GDP ratio in the United States increased by 1.2 percentage points from 26.5% in 2021 to 27.7% in 2022. Between 2021 and 2022, the OECD average decreased from 34.2% to 34.0%.

Key information about US Tax revenue: % of GDP

United States Tax revenue: % of GDP was reported at 16.4 % in Dec 2023. This records a decrease from the previous number of 18.5 % for Dec 2022. US Tax revenue: % of GDP data is updated yearly, averaging 17.0 % from Dec 1968 to 2023, with 56 observations.

Essentially the economic effect of the Laffer curve holds that reducing tax rates will motivate people to work more and produce more, leading to more revenue; raising tax rates produces the opposite effect.

Tax wedge for the average worker in OECD countries

While in Austria, Belgium, France, Germany and Italy, the tax wedge as a percentage of labour costs was more than 45%, it was lower than 20% in Chile and Colombia. The highest tax wedge was observed in Belgium (53.0%) and the lowest in Colombia (0.0%).

According to the World Bank, tax revenues above 15% of a country's gross domestic product (GDP) are a key ingredient for economic growth and poverty reduction.

The majority of federal revenue comes from individual and corporate income taxes as well as social insurance taxes (such as the Social Security taxes described above).

California's state budget supports an array of programs and services that touch the lives of all Californians – from schools and colleges to health care and public safety to highways and environmental protection.

The OECD Tax Database provides comparative information on a range of tax statistics - tax revenues, personal income taxes, non-tax compulsory payments, corporate and capital income taxes and taxes on consumption - that are levied in OECD member countries.

What does OECD stand for? ›

The Organization for Economic Cooperation and Development (OECD) The Organization for Economic Co-operation and Development (OECD) is a unique forum where the governments of 37 democracies with market-based economies collaborate to develop policy standards to promote sustainable economic growth.

The OECD average, sometimes also referred to as the country average, is the mean of the data values for all OECD countries for which data are available or can be estimated. The OECD average can be used to see how a country compares on a given indicator with a typical OECD country.

Specifically, Pillar Two would establish a minimum effective tax at a proposed rate of 15 percent applied to cross-border profits of large multinational corporations that have a “significant economic footprint” across the world.