World Tax Comparisons
Tax has moved through history and increased in time. Nowadays it seems like everything has some sort of tax proposed.
In looking at taxes across the US and overseas, Japan and the United States hold the highest percentage of items taxed on a corporate level. Individual countries set their own taxes the start between 0-15% and go as high as 45%.
Where It Started
The principle of taxing came from ancient Egypt, but the tax idea continued through today. The United States takes in billions every year in taxes. The money they take in has to be budgeted for war and the cost of running the country. Also emergency funds in case the worst happens.
The United States has the worst track record of overspending. Unlike China and a Japan, the US constantly reaches out to many foreign countries and thus making taxes higher for citizens and our deficit larger.
Taxes are always a hot topic for political leaders to discuss, especially when an increase is about to take effect. It is important to understand what the taxes are made for, and understand how the money is spent.
Many people look at taxes in a way that we are being overtaxed yet nothing changes, it is important to look into economy and structure of taxes and the things that they control.
The first tax was imposed by Britain in 1377 it was a poll tax. Britain then added tax to customs and commodities in 1643.
By the 1700’s the United States began taxing imported beer and wine. Then proposed the stamp tax which is assessed to media material. This tax was imposed to newspapers and media.
IN 1812, the first income tax was assessed to finance war. In 1862 the Income tax Law was signed in by Lincoln to finance the Civil War.
By 1913, the U.S. passed the 16th amendment allowing the government to collect tax on anything that was considered a suitable source. We know this because the US taxes everything.
U.S. taxes are relatively low compared to those in other countries. The United States uses 18% of consumption taxes and this is less than other countries. Revenue from consumption taxes averaged about 32 percent of total taxes. Mexico, collects higher percentages of tax revenue from consumption taxes.
Personal income taxes take up a small percent of U.S. tax revenue other countries taxes averaged about 26 percent. When you look at the facts on taxes and how the money is spent. The US actually fairs out pretty well. We are a nation that helps other countries and that doubtfully will ever change. The taxes that are assessed, generally fund war and aide to other countries. No doubt in the future we will see increases. Just as the cost of living goes up, so do the taxes.