beretta304
Rookie
- Banned
- #1
An analysis by the Cato Institute ranks the United States fourth among 90 countries for the highest corporate tax rate.
The U.S. has lagged behind its OECD counterparts when it comes to such tax reform and remains the only developed country with a tax rate over 30 percent and a worldwide system, the report adds.
Rates this high put U.S. corporations at a competitive disadvantage. U.S. corporations have been forced to look elsewhere to file taxes, a decision based strictly on business bottom line.
A decade ago many companies began to incorporate in Bermuda and the Cayman Islands in order to avoid high taxes. When company Stanley Works announced they would incorporate to Bermuda in 2002, they forecast savings of $30 million.
Read more: Study: US corporate tax rate drives jobs overseas | The Daily Caller
The U.S. has lagged behind its OECD counterparts when it comes to such tax reform and remains the only developed country with a tax rate over 30 percent and a worldwide system, the report adds.
Rates this high put U.S. corporations at a competitive disadvantage. U.S. corporations have been forced to look elsewhere to file taxes, a decision based strictly on business bottom line.
A decade ago many companies began to incorporate in Bermuda and the Cayman Islands in order to avoid high taxes. When company Stanley Works announced they would incorporate to Bermuda in 2002, they forecast savings of $30 million.
Read more: Study: US corporate tax rate drives jobs overseas | The Daily Caller