Economy Burdened By High Tax Rates

[edward222]

Credit to: Offshore News Flash: http://www.offshorenewsflash.com/201...igh-tax-rates/

The UK is inhibiting its economy with a tax burden 18 percent heavier than the global average and should consider setting a specific target for lowering the overall tax take, according to research by accountants UHY Hacker Young.
UHY’s findings show that tax revenue in the UK represents a third (32.9 percent) of gross domestic product, a fifth higher than the global average of 27.8 percent.
The UK therefore lags behind the US, where the total amount of tax taken by the Government is just over a quarter of GBP, at 25.4 percent. The UK also lags behind Ireland (28.3 percent), and even Japan (29.5 percent). The report points out that Ireland, which has the lowest tax burden in Western Europe, is also enjoying the fastest growth rate in Europe. Last year, the Irish economy grew by 4.8 percent (compared with 2.6 percent in the UK), and Ireland is attracting significant levels of foreign investment and is the number one destination for US foreign direct investment.

Whats the future to our economy, if this high tax
rates will continue?

[Zippyjuan]

the global average of 27.8 percent.
The UK therefore lags behind the US, where the total amount of tax taken by the Government is just over a quarter of GBP,

US taxes are lower than the global average? Interesting.

[NorthCarolinaLiberty]

US taxes are lower than the global average? Interesting.

What's more interesting is the insidious history of taxes. Taxes that are taken for granted because they're an institution. You progressives never met a tax you didn't like.

[oyarde]

Credit to: Offshore News Flash: http://www.offshorenewsflash.com/201...igh-tax-rates/


Whats the future to our economy, if this high tax
rates will continue?

Continued stagnation until the sharp decline starts , my guess .

[Paul Or Nothing II]

This is what the free marketers have always said - less taxes => more savings => more investment => more growth!

I think such "tax competition" between governments is really good, & as the global mobility of people increases (especially of "tax refugee" individuals & companies), to get the best tax-deal around, there will be more & more downward pressure on global taxation; in the long-run, potentially reducing national governments to nothing more than entities offering "residency-services".

[edward222]

Continued stagnation until the sharp decline starts , my guess .

Owh, I think stagnation will continue even though there were a sharp decline.

[Ronin Truth]

Pssssst! I really think that's the point. SHHHH!

[edward222]

Pssssst! I really think that's the point. SHHHH!

Ohw... God.