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U.S. Corporate Tax Rate Soon to Be #1

American Businesses Falling Behind while Policy Stands Still

Washington, DC, March 11, 2011-The U.S. corporate tax rate will soon become the highest in the industrialized world, and is already in its 20th year of being above the average for similar economies, according to a new analysis by the Tax Foundation. As other nations enact reforms and rate cuts, the U.S. corporate rate will continue to stand out as a hindrance to economic growth and competitiveness unless lawmakers move to lower the tax burden for businesses.

The combined federal and state rate of 39.2 percent of corporate profits is exceeded only by Japan, whose rate stands at 39.5 percent. When Japan enacts planned cuts next month, however, the United States will have the highest rate of all of the economies in the Organization for Economic Cooperation and Development (OECD), the group of 34 advanced countries with economies most comparable to the U.S.

“Of course, OECD nations have not been the only countries reducing their corporate tax rates to remain competitive,” said Tax Foundation president and study author Scott A. Hodge. “Since 2006, some 75 nations have cut their rates, many multiple times.”

Read the rest of the article here.

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  1. Thoreau of the Market
    Thoreau of the Market

    The ‘Tax Foundation’–Hmmm. Let me guess. Another ‘grassroots’ organization founded by the Koch brothers? Let me guess their solution–cutting social security and medicare. Why don’t they address all those gaping tax loopholes out there that make a fool out of those who actually pay what they’re supposed to pay…

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    • checklist

      Let ME guess… damn the man, those wealthy fkrrs must PAY. Fuck them for creating jobs

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    • Woodshedder

      Why don’t you tell me. In the age of google, it is telling that you would rather create conspiracy theories than do a little research.

      Or, you could simply look at the data and judge for yourself the veracity of the tax foundation’s research. But then that would require thinking on your part, and what you find out may cause some cognitive dissonance.

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  2. JakeGint

    The Lefty Anthem:

    Tax his land, tax his bed, tax the table at which he’s fed.

    Tax his tractor, tax his mule, teach him taxes are the rule.

    Tax his cow, tax his goat, tax his pants, tax his coat.

    Tax his ties, tax his shirt, tax his work, tax his dirt.

    Tax his tobacco, tax his drink, tax him if he tries to think.

    Tax his cigars, tax his beers, if he cries, then tax his tears.

    Tax his car, tax his gas, find other ways to tax his @ss

    Tax all he has, then let him know that you won’t be done till he has no dough.

    When he screams and hollers, then tax him some more, tax him till he’s good and sore.

    Then tax his coffin , tax his grave, tax the sod in which he’s laid.

    Put these words upon his tomb, “Taxes drove me to my doom…”

    When he’s gone, do not relax, its time to apply the inheritance tax.

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