America Will Be Number One—in Taxes

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Americans like to be first—in Olympic gold medals, for example—but maybe not in this category: If the $4 trillion House spending bill passes, the U.S. will have the highest combined federal and state personal income tax rate in the developed world.

The Tax Foundation recently compared the combined tax rates on individual income at all levels of government across major nations. Today the U.S. is in the middle of the pack with a still very high top rate on income of 42.9%, including federal and average state tax rates. That’s a little above the current Organization for Economic Cooperation and Development average of 42.6%.