This weekend our blessed land of the free and home of the brave will reach a landmark of sorts. No, we aren’t putting a man on the moon this time, but corporate tax rates have rocketed to where they will be the highest in the industrialized world come Sunday…April Fool’s Day, appropriately enough.
Japan’s corporate rate will fall to 36.8 percent over the weekend, making the United States’ rate of 39.2 percent No. 1.
As other countries have been slashing taxes on business in recent years, we have been moving in the other direction. How sad.
We can boast about being the Land of Liberty all we want, but it kind of rings hollow when you consider that even Communist China—with a corporate tax rate around 20 percent—understands that easing tax rates in businesses helps economically. China’s economy, by-the-way, is poised to pass ours up in as little as four years, making us No. 2.
I don’t much like the way these numbers are moving, how about you?
Here’s a little bit from the Cato Institute about how America’s burden of high taxes on business is killing jobs.