America has the second highest corporate tax rate in the world
A lower corporate tax rate is essential to keeping good jobs in the United States. Currently, America has the second highest corporate tax rate in the world, making America a less attractive place for companies to do business. The average combined federal and state corporate tax rate in the U.S. is 39.3 percent while Japan’s combined rate of 39.5 percent makes them dead last. Lowering the federal rate to 30.5 percent would only lower the U.S.’s ranking to fifth highest among industrialized countries. When compared to other OECD countries:
* 24 U.S. states have a combined corporate tax rate higher than top-ranked Japan.
* 32 states have a combined corporate tax rate higher than third-ranked Germany.
* 46 states have a combined corporate tax rate higher than fourth-ranked Canada.
* All 50 states have a combined corporate tax rate higher than fifth-ranked France.
This is exactly the reason why we have no jobs in this country and the reason why we are losing American companies to overseas investors. We have got to quit taxing the living hell out of businesses. Lowering corporate tax rates would start bringing companies back and in turn the economy will start to bring itself back to life.
Do you know what the FairTax Act is?
* Ensures Social Security and Medicare funding
* Enables workers to keep their entire paychecks
* Enables retirees to keep their entire pensions
* Refunds in advance the tax on purchases of basic necessities
* Allows American products to compete fairly
* Brings transparency and accountability to tax policy
* Closes all loopholes and brings fairness to taxation
* Abolishes the IRS
For more information visit www.fairtax.org.
Read the full story: U.S. States Lead the World in High Corporate Taxes
Read the America is On Sale article by Herman Cain.
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Tags: america, canada, corporate tax rate, france, germany, herman cain, japan, oecd, the fair tax act
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July 27th, 2008 at 3:34 am
You should be more concerned about the private tax rate than corporations.
Corporations are bodies created by persons to work towards a common goal. The only motivation and legal responsibility of the corporation is to make a profit and increase value. However, the only motivation of the individual is to live their life in whatever manner they see fit. Not all individuals are motivated solely by profit.
While corporations are taxed only on profits, individuals are taxed on all income. A fair system would see no individual taxation, and higher corporate tax rates, because of the legally required profit motivation of corporations.
Instead of having humans be subordinate and subservient to the corporation, we should make the corporation subordinate and subservient to the individual. That entails financing our government services from corporate profits, and not individual incomes.
The reason we “have no jobs” is not because of the corporate taxation rate, but because these corporations have found a greater profit motivation in paying lower costs overseas, which is basically equivalent to paying lower overhead costs by paying lower wages, which supports higher profits for those in charge of the company and in position to demarcate those profits for themselves; thus corporations do not respect the individuals who work for them (and thereby enable their existence).
We need to rethink our orientation towards corporations, and remove them from their pedestal. They are here to serve us, we are not here to serve them. They do not exist without us, we did just fine without them. Requiring corporations to be owned and governed by their employees, and not a disembodied system of shareholders and Boards of Directors would do much to ensure that corporations are working for the betterment of all, and not just a select few. This would guarantee that corporate behaviors benefit all the persons involved in their function equally.
That is to say, I think you have inverted the equation. Don’t fret, it is regrettably common to think the corporation is more important than the persons who enable its existence and actually perform its functions.
April 15th, 2009 at 8:49 am
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