Mish Talk – by Mike Mish Shedlock
Congratulations are in order. France just topped Denmark as the most taxed nation.
The OECD reports Tax Revenues Rise.
The 2018 edition of the OECD’s annual Revenue Statisticspublication shows that the OECD average tax-to-GDP ratio rose slightly in 2017, to 34.2%, compared to 34.0% in 2016. The OECD average is now higher than at any previous point, including its earlier peaks of 33.8% in 2000 and 33.6% in 2007.
France Overtakes Denmark
The tax collection blue ribbon now goes to France. Congratulations!
Vs the OECD average of 34.2%, French taxes amount to 46.2% of GDP. Denmark, Sweden, Italy, and Greece round out the top five.
In addition to the blue ribbon, what else does France get?
Amusingly, it was a promise delivered: Macron Promised a Revolution, He Got One, Against Himself
In response, I offer this bit of political advice: Politicians Beware: It’s Best Not to Deliver What You Actually Promise.
How Did This All Start?
Macron raised diesel taxes to pay for the global warming reduction effort that he campaigned for.
Where Are We Now?
That’s another good question.
In response to the riots, please note: France Suspends Diesel Tax Hike.
I am certain readers would like a fitting musical tribute to these events. I posted this before but who can resist another Beatles tribute?