August 22, 2008
U.S. News and World Report Money & Politics Blogger on Corporate Taxes
"20 Reasons to Kill Corporate Taxes"
By James Pethokoukis
What to do about corporate tax rates represents a key difference between Obamanomics and McCainomics. John McCain wants to cut them. Barack Obama wants to raise them, at least on oil companies, through a windfall profits tax. But maybe they're both wrong. Maybe we should just get rid of these levies altogether. Here are 20 reasons why it's time to sack the corporate income tax:
1) The United States has [according to the Tax Foundation] the second-highest corporate tax rate in the world, just shy of 40 percent when you combine state and federal taxes.
2) The U.S corporate tax rate is 50 percent higher than the average for Organization for Economic Coordination and Development member states.
3) Japan, the country with the highest corporate tax rate, is thinking about cutting its rate.
4) Some 70 percent of the corporate tax burden is borne by workers in the form of lower wages and fewer high-paying jobs.
