Sunday, April 1, 2012

US Now Has The Highest Corporate Tax Rate in The World

I wish I could tell you that was an April Fools joke, but the 'sucking sound' of jobs leaving this country for friendlier economic environments proves otherwise.

"Come Sunday, America finally has something to crow about in its economic war with China and Japan: It will have the highest jobs-killing corporate tax rate in the industrialized world.

No, it’s not an April Fool’s joke. When Japan officially slashes its rate to 36.8 percent Sunday, America’s will be tops at 39.2 percent.

President Obama has proposed a rate of 28 percent, but Republicans charge that it comes with $350 billion in new, off-setting taxes. The GOP is pushing for a cut to 25 percent, but the election year is getting in the way of any deal.

The Business Roundtable has been pushing for a clean cut in corporate tax rates, claiming it would spur job growth and industrial reinvestment. They even cite a recent move by England to cut their tax rates from 28 percent to 22 percent, which officials called “an advertisement for investment and jobs in Britain.”

1 comment:

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