America is used to leading the world but not like this: As of April 1, the U.S. has the dubious distinction of being the developed economy with the highest corporate tax rates.
On Sunday, corporate taxes in Japan dropped to 38%, making America's 39.2% rate the world's highest and well above the average of 25.4% for developed nations, according to the Organization for Economic Cooperation and Development.
Amid the broader issue of reforming the tax code, corporate tax rates have already been a hot-button issue on the campaign trail: President Obama has proposed lowering the top rate to 28% while Mitt Romney's plan would drop it to 25%. Anti-tax crusader Grover Norquist says dropping corporate rates to 25% is just "the first bite at the apple." America's new standing as the world's top corporate tax regime is adding further fuel to the partisan fire.
Monday, April 02, 2012
Yet one more dubious milestone achieved under the Obama administration.
Posted by traderrob at 11:28 AM