Cutting the U.S.’s Corporate Tax Rate
This stuff makes so much sense to me! Why is our government punishing our workers and our economy by keeping our corporate rates so high?
A video by CF&P Foundation explaining why the U.S. needs to cut its corporate tax rate to stay competitive with the rest of the world.
Read the article at The Tax Foundation to learn how our states rate as compared to countries around the world. (see Excel worksheet)
Many states impose state corporate income taxes at rates above the national average of 6.6 percent. Iowa, for example, imposes the highest corporate tax rate of 12 percent, followed by Pennsylvania’s 9.99 percent rate and Minnesota’s 9.8 percent rate. When added to the federal rate, these states tax their businesses at rates far in excess of all other OECD 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.Thus, if lawmakers are serious about making the U.S. corporate tax system more competitive internationally, corporate tax rates will have to be reduced both in Washington and in state capitals. State officials should be champions of substantial cuts in the federal corporate tax rate because there is only so much they can do to improve their own competitiveness.
Tags: competition, competitiveness, corporate tax rate, Economy, tax foundation, world trade
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