The top level rates for personal income taxes for selected countries
Fiscal Health and the New Stimulus Package-Draft
Published Tuesday, January 13th, 2009
The new Stimulus Package has received some criticism and some praise, especially for the tax cuts. The package will include a $500 tax cut for middle-class workers or $1,000 for families, mainly in the form of reduced withholding taxes in paychecks. President-Elect Obama says 95% of working families would get help. Plus, there is an incentive of $3,000, for employers who retain or hire more workers.
Today, the United States has the world’s largest deficit as a share of GDP. Currently the average number of US hours worked has reached 1797 hours, with Korea topping the list at 2357 hours annually. We are taxed on those hours up to 41.4%, which is average for most developed nations. Corporations are taxed at 39.3% which is the world’s second highest, Japan is the highest at 39.5%. Revenue from these and other receipts add up to 25.5% of our nation’s Gross Domestic Product; the third lowest of developed countries.
Organization for Economic Cooperation and Development: Public Finance - http://www.oecd.org/topic/0,3373,en_2649_34113_1_1_1_1_37443,00.html
Employment work at the OECD covers analysis of employment and unemployment and labor market policies, closely linked to social policy and education.
U.S. Job Corps - http://jobcorps.dol.gov/about.htm
Job Corps is a no-cost education and vocational training program administered by the U.S. Department of Labor that helps young people ages 16 through 24 get a better job, make more money, and take control of their lives.