I came across this article in the www.AmericansForTaxReform.com website by way of the www.DrudgReport.com website. I just had to copy and paste it into my blog. I don’t usually do this but I am including for attribution and linkbacks so I think it’s fine with all.
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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|
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.
From Richard Uzelac: I want to pass along my condolences to Andrew Breitbart's family. Andrew fought the good war and took no prisoners. I wish I were as brave as he.