The overall tax-to-GDP ratio, meaning the sum of taxes and net social contributions as a percentage of gross domestic product (GDP), stood at 41.2% in the EU in 2022, a decrease compared with 2021 (41.5%). In the euro area, tax revenue increased in line with nominal GDP, meaning that the tax-to-GDP ratio in 2022 remained stable at 41.9%. (...)
On ignoring geopolitics, buying bubbles and hoarding gold
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Insights from the UBS Investment Returns Yearbook
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