August 12, 2009
Investor’s Business Daily Highlights Tax Foundation Analysis of Corporate Tax Rates
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."
