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Obama demands that there be higher taxes on "the rich" and private companies nearly every time he speaks these days. One area where he misses the mark concerns corporate tax rates, where the U.S. is already under-competitive versus many of our most important trading partners. What follow are national and local "Combined Corporate Tax Rates" for ten of the 30 countries of the OECD, with the highest such rates in that organization, as of 2010:1. Japan: 39.54%
2. U.S.: 39.21%
3. France: 34.47%
4. Belgium: 33.99%
5. Germany: 30.18%
6-9. New Zealand, Australia, Spain, Mexico: tied at 30.0%
10. Canada: 29.52%The U.S. needs lower corporate tax rates to promote job creation by the private sector in the U.S. Lower corporate tax rates would make the U.S. a more attractive site for foreign and domestic investors alike. It would serve to attract U.S. corporate funds that are parked overseas. It would make the U.S. a more competitive platform for companies selling to foreign nations. Lower corporate tax rates would eventually raise more taxes to pay for public goods.We need to have a federal government that is mostly oriented to promoting jobs through encouraging the private sector by creating a positive investment climate. This means lower, not higher, corporate taxes, among other things.President Obama is a poor economic manager and needs to be voted out of office in 2012!
2. U.S.: 39.21%
3. France: 34.47%
4. Belgium: 33.99%
5. Germany: 30.18%
6-9. New Zealand, Australia, Spain, Mexico: tied at 30.0%
10. Canada: 29.52%The U.S. needs lower corporate tax rates to promote job creation by the private sector in the U.S. Lower corporate tax rates would make the U.S. a more attractive site for foreign and domestic investors alike. It would serve to attract U.S. corporate funds that are parked overseas. It would make the U.S. a more competitive platform for companies selling to foreign nations. Lower corporate tax rates would eventually raise more taxes to pay for public goods.We need to have a federal government that is mostly oriented to promoting jobs through encouraging the private sector by creating a positive investment climate. This means lower, not higher, corporate taxes, among other things.President Obama is a poor economic manager and needs to be voted out of office in 2012!
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