Taxation/Addendum: Difference between revisions
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==The development of modern tax systems== | ==The development of modern tax systems== | ||
Tax revenues in the developed countries amount, typically, to 30 to 40 per cent of GDP, compared with 10 to 15 per cent at the beginning of the 20th century. | Modern tax systems had their origins in the 18th century in the United States<ref>[http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml ''History of the US Tax System'', US Department of the Treasury Fact Sheet, 2009]</ref> and in Britain<ref>[http://www.hmrc.gov.uk/history/ ''A Brief History of Income Tax'' H M Revenue and Customs, 2009]</ref>, and have since evolved piecemeal until they have become so complex that they are fully understood only by highly-trained specialists. | ||
Tax revenues in the developed countries now amount, typically, to 30 to 40 per cent of GDP, compared with 10 to 15 per cent at the beginning of the 20th century. The following paragraphs indicate some of the variations that have typically been adopted. | |||
==Components of taxation== | ==Components of taxation== | ||
Revision as of 04:22, 12 November 2009
The development of modern tax systems
Modern tax systems had their origins in the 18th century in the United States[1] and in Britain[2], and have since evolved piecemeal until they have become so complex that they are fully understood only by highly-trained specialists. Tax revenues in the developed countries now amount, typically, to 30 to 40 per cent of GDP, compared with 10 to 15 per cent at the beginning of the 20th century. The following paragraphs indicate some of the variations that have typically been adopted.
Components of taxation
Personal income tax
Personal income tax accounts for about 25 per cent of the average tax receipts of the OECD countries
Corporate income tax
Corporate income tax accounts for about 11 per cent of the average tax receipts of the OECD countries
Social security contributions
Social security contributions account for about 24 per cent of the average tax receipts of the OECD countries
Taxes on consumption
Taxes on consumption account for about 25 per cent of the average tax receipts of the OECD countries
Taxes on wealth and property
Environmental taxation
References
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