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One Month to Go Until We Have the World's Highest Corporate Tax Rate


Posted by Ryan Ellis on Thursday, March 1st, 2012, 1:41 PM PERMALINK


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Just one month from today, Japan will lower their corporate income tax rate from 39.5 to 35 percent.  When they do so, the United States will officially have the dubious distinction of possessing the highest corporate income tax rate in the developed world, a federal/state integrated rate of 39.2 percent.

To put that in perspective, the average in the developed world (OECD) is only 25 percent.  Our six major trading partners--Canada, Mexico, the United Kingdom, Japan, Germany, and France--will all have a lower rate than we will have.  As a result, capital and jobs will continue to flow overseas, rather than staying here to create jobs, increase wages, fund pensions, invest in new business, or grow nest eggs.
 

Country Corporate Income Tax Rate
United States 39.2%
OECD Average 25%
Canada 27.6%
Mexico 30%
Japan 35%
Germany 30.2%
France 34.4%


President Obama last month proposed a plan to raise net taxes, but in the process lower the U.S. corporate rate to about 32 percent.  That simply isn't worth it.  In exchange for a jobs-killing net tax hike, the Obama plan would still leave us with a tax rate higher than the OECD average, and higher than all our major trading partners except Japan and France.  No thanks, Mr. President.

[New Book: Debacle: Obama's War on Jobs and Growth and What We Can Do Now to Regain Our Future]

 

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