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Country vs country: United Kingdom and United States compared: Economy > Tax

Definitions

  • Components of taxation > Corporate income tax: Corporate Income tax as a percentage of total tax collected by the country. Data is for 2002.
  • Components of taxation > Goods and service tax: Goods and service tax as a percentage of total tax collected by the country. Data is for 2002.
  • Components of taxation > Personal income tax: Personal Income tax as a percentage of total tax collected by the country. Data is for 2002.
  • Components of taxation > Property tax: Property tax as a percentage of total tax collected by the country. Data is for 2000.
  • Components of taxation > Social security > Contribution by employer: Tax on employer's contribution of social security as a percentage of total tax collected by the country. Data is for 2002.
  • Components of taxation > Social security > Employees contribution: Tax on employee's contribution of social security as a percentage of total tax collected by the country. Data is for 2002.
  • Contribution by middle 40%: Proportion of taxes paid by the broad income group - middle class 40% (Data is for mid-1990s). Taxes include all direct income taxes, including employee social security contributions. Income groups were built on the basis of final disposable adjusted income.
  • Contribution by poorest 30%: Proportion of taxes paid by the broad income group - poorest 30% (Data is for mid-1990s). Taxes include all direct income taxes, including employee social security contributions. Income groups were built on the basis of final disposable adjusted income.
  • Contribution by richest 30%: Proportion of taxes paid by the broad income group - richest 30% (Data is for mid-1990s). Taxes include all direct income taxes, including employee social security contributions. Income groups were built on the basis of final disposable adjusted income.
  • GDP > Current US$, % of GDP: GDP (current US$). GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed as a proportion of GDP for the same year
  • Net taxes on products > Current LCU: Net taxes on products (net indirect taxes) are the sum of product taxes less subsidies. Product taxes are those taxes payable by producers that relate to the production, sale, purchase or use of the goods and services. Subsidies are grants on the current account made by general government to private enterprises and unincorporated public enterprises. The grants may take the form of payments to ensure a guaranteed price or to enable maintenance of prices of goods and services below costs of production, and other forms of assistance to producers. Data are in current local currency.
  • Net taxes on products > Current US$ > Per $ GDP: Net taxes on products (net indirect taxes) are the sum of product taxes less subsidies. Product taxes are those taxes payable by producers that relate to the production, sale, purchase or use of the goods and services. Subsidies are grants on the current account made by general government to private enterprises and unincorporated public enterprises. The grants may take the form of payments to ensure a guaranteed price or to enable maintenance of prices of goods and services below costs of production, and other forms of assistance to producers. Data are in current U.S. dollars. Per $ GDP figures expressed per 1 billion $ gross domestic product.
  • Social contributions > Current LCU: Social contributions include social security contributions by employees, employers, and self-employed individuals, and other contributions whose source cannot be determined. They also include actual or imputed contributions to social insurance schemes operated by governments.
  • Total tax wedge > Single worker: The percentage of gross earnings given up in tax, including any social security contributions. Calculated for a single worker without children, earning 100 % of the average wage. Data for 2001, and only for selected OECD countries.
  • Total tax wedge > Single-income family: The percentage of gross earnings given up in tax, including any social security contributions. Calculated for a married couple with two children, earning 100% of the average wage. Data for 2001. Selected OECD countries only.
STAT United Kingdom United States HISTORY
Components of taxation > Corporate income tax u8.1%
Ranked 16th. 21% more than United States
u6.7%
Ranked 20th.

Components of taxation > Goods and service tax 32.7%
Ranked 13th. 86% more than United States
17.6%
Ranked 30th.

Components of taxation > Personal income tax 29.8%
Ranked 11th.
37.7%
Ranked 5th. 27% more than United Kingdom

Components of taxation > Property tax 11.9%
Ranked 1st. 18% more than United States
10.1%
Ranked 3rd.

Components of taxation > Social security > Contribution by employer 9.6%
Ranked 19th.
13%
Ranked 15th. 35% more than United Kingdom

Components of taxation > Social security > Employees contribution 6.8%
Ranked 19th.
11.7%
Ranked 10th. 72% more than United Kingdom

Contribution by middle 40% 32%
Ranked 9th. 13% more than United States
28.4%
Ranked 13th.

Contribution by poorest 30% 6%
Ranked 11th.
6.3%
Ranked 9th. 5% more than United Kingdom

Contribution by richest 30% 62%
Ranked 7th.
65.3%
Ranked 3rd. 5% more than United Kingdom

GDP > Current US$, % of GDP 101.5%
Ranked 24th.
103.57%
Ranked 12th. 2% more than United Kingdom

Net taxes on products > Current LCU 136528000000 809400000000

Net taxes on products > Current US$ > Per $ GDP 0.113$ per $1 billion of GDP
Ranked 42nd.
69.3$ per $1 billion of GDP
Ranked 114th. 613 times more than United Kingdom

Social contributions > Current LCU 101426000000 855345000000

Total tax wedge > Single worker 29.7%
Ranked 22nd.
30%
Ranked 21st. 1% more than United Kingdom

Total tax wedge > Single-income family 17.8%
Ranked 23th.
19.4%
Ranked 21st. 9% more than United Kingdom

SOURCES: OECD Revenue Statistics; Michael F. Forster, 'Trends and Driving Factors in Income Distribution and Poverty in the OECD Area', OECD Labour Market and Social Policy Occasional Paper 42; World Bank national accounts data. GDP figures sourced from World Bank national accounts data, and OECD National Accounts data files.; World Development Indicators database; OECD

Citation

"Economy > Tax: United Kingdom and United States compared", NationMaster. Retrieved from http://www.nationmaster.com/country-info/compare/United-Kingdom/United-States/Economy/Tax

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