August 12, 2009
By Investor's Business Daily
Four more developed nations have cut their corporate tax rates this year. Yet the U.S. sticks with second-highest corporate rate among OECD nations. This puts us at a competitive disadvantage.
Only Japan, at 39.54%, has a higher corporate rate than the U.S., which at 39.1% is a bit lower than last year but still far higher than the average (26.29%) of the 30 Organization for Economic Cooperation and Development nations.
That average was brought down from 26.55% after the Czech Republic, Sweden (yes, the country where soft socialism has supposedly been perfected), Canada and South Korea cut their rates.
The Tax Foundation, which provides a priceless service by studying the impact of taxation, says the high corporate tax rate in the U.S. "should be a red flag" to lawmakers who are "worried about the country's flagging economic growth, slow wage growth, and overall global competitiveness."