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International Tax Burden on Individuals is Increasing

By January 8, 2016 No Comments

Simon Bowers, in a recent article published in The Guardian, discusses a report from the Organization for Economic Co-operation and Development (OECD) which states that foreign individuals are increasingly being faced with the burden of international taxes. This is because governments have been forced to be less dependent on taxing corporate profits.   These tax hikes are coming in the form of higher social security contributions, value added taxes, and income taxes.

For example, the OECD reports that the average corporation tax receipts were 2.8% of the GDP compared to 2007 when the percentage was 3.6%. Given the same time frame, social security contributions went up from 8.5% to 9.2%, value added taxes went up from 6.5% to 6.8%, and income taxes went up from 8.8% to 8.9% of the GDP.

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