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Beaufort County Property Taxes

Beaufort County Property Taxes

Beaufort County Property Taxes

Beaufort County Property Taxes

By: Admin | Date: November 11, 2011 | Categories:

In most member countries of the Organisation for Economic Cooperation and Development (OECD), the tax burden fell in 2009 both in cash terms and as a percentage of the gross domestic product (GDP). The causes are clearly related to the financial crisis and the recession that has shaken industrialised countries in recent years. Reduced incomes led to reduced tax collections, while it was also necessary to reduce tax rates to stimulate economies and to promote recovery. The trends in tax revenue collection in industrialised counties are set out in the publication “OECD Revenue Statistics 2010,” which enables a comparison to be made of tax revenues for the years since 1965.

The tax burden in OECD countries declined from 35.4% of GDP in 2006 and 2007 to 34.8% in 2008. Based on provisional figures it appears that the tax to GDP ratio fell again in most OECD countries in 2009, falling below 34%. This would represent the lowest average tax burden since the early 1990s.

However one can expect the tax burden to increase again now that many governments are attempting to reduce the large levels of national debt resulting from the financial crisis. As governments have made many pledges about reducing rates of income tax, it is likely that much of the increase in tax revenues will come from consumption taxes, both from increased rates and from increased consumption as economies recover from the crisis.


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