Corporate Tax Rates for Countries Around the World

KMAN · #1 (**permalink**) 09-05-2008, 12:14 PM

Maybe this is why so many jobs go over seas...

The Tax Foundation - U.S. Boasts Highest Corporate Tax Rate in the OECD

busara · #2 (**permalink**) 09-05-2008, 12:17 PM

Quote:

Originally Posted by KMAN

Maybe this is why so many jobs go over seas...

The Tax Foundation - U.S. Boasts Highest Corporate Tax Rate in the OECD

ours are too high

RetiredGySgt · #3 (**permalink**) 09-05-2008, 03:26 PM

Quote:

Originally Posted by busara

ours are too high

Yet Obama will raise them even higher with the gleeful squealing of his worshippers and followers.

busara · #4 (**permalink**) 09-05-2008, 03:31 PM

Quote:

Originally Posted by RetiredGySgt

Yet Obama will raise them even higher with the gleeful squealing of his worshippers and followers.

that last bit was completely unnecessary. but yes, it does appear he will raise them, which is a dumb idea

Toro · #5 (**permalink**) 09-05-2008, 08:27 PM

Quote:

Tax Foundation and Competitive Environments: more bunk!

The Tax Foundation is busy again pushing its latest propaganda idea--that the US has such high corporate taxes that it stifles competition and hurts our economy--with a new "competeusa.com" organization.

Wrong. Fact is, though our tax laws include statutory rates that are fairly high (35% for corporations earning about $18 million or more annually) but generally in the same ballpark as those of other developed western nations, the actual tax rates paid by US corporations are extraordinarily low, around 6%. Remember the latest GAO report (reported elsewhere on ataxingmatter) that shows that two-thirds of US corporations pay no federal income tax. That's not just the ones that are losing money, but also many corporations that have record high profits (including some Big Oil companies) that end up paying next to nothing in taxes.

That's because the statutory rate of 35% is only on paper. Corporations engage in aggressive tax planning that cheats the system, and they take advantage of a bountiful number of lucrative loopholes built into the system under the four decades of Reagan-style corporate favoritism and deregulation, including items such as accelerated depreciation, various expensing provisions that let corporations deduct before they really have an economic cost, and the lucrative research & development credit that lowers taxes dollar-for-dollar for R&D expenditures that corporations have to do anyway (so they do not serve as an incentive to greater development) and that corporations have often already done prior to the enactment of the one-year "extensions" of the credit that have been taking place as transitions to no-credit for years.

As a result, the US is actually a corporate tax haven, with the lowest effective corporate tax rates of almost all the countries that participate in the OECD. That's a little fact that the Tax Foundation apparently doesn't want the American public to understand, since all its hype is in terms of statutory rates and not in terms of effective tax rates.

ataxingmatter: Tax Foundation and Competitive Environments: more bunk!

AllieBaba · #6 (**permalink**) 09-05-2008, 08:29 PM

Glad you're here Toro to discuss the economics, but sadly, this will float like a lead balloon with the libs, who will just pretend it isn't true....while at the same time pretending you don't create jobs by increasing industry.