Japan has announced it will reduce it’s corporate tax rate of 39.5% next month giving the USA, at a combined federal and state rate of 39.2%
the distinction of having the highest corporate tax rate in the developed world!
According to a study by the Tax Foundation and reported in the Daily Caller, since 2000 Germany, Canada, Greece, Turkey, Poland, the Slovak Republic, Iceland, and Ireland have all lowered their corporate tax rates by double-digits.
Tax reform has to be part of the solution to our current fiscal problems. Why?
The tax code is:
- Out of date hurting US competitiveness
- Hemorrhaging revenue to offshore tax havens and shelters
- Riddled with expiring provisions creating uncertainty
- Putting unbridled power in the hands of politicians laying favors for Corporate friends and campaign contributors