The foreign tax credit prevents double-taxation of foreign-source income. In tax year 2019, only 6% of individual filers claimed the foreign tax credit, while 64% of taxpayers with adjusted gross income over $1 million claimed it.
June 6, 2022
Total tax revenue as a share of GDP was 26.2% across 38 OECD countries in FY 2020. The United States ranked 20th, with 25.5%.
May 30, 2022