Photo: Tax Foundation / OECD
With Japan dropping their corporate tax rate to 38% on Sunday, America now leads the world in corporate tax rate at 39.2% reports the OECD.While most nations have seen their rates steadily decline over the past 20 years, America has had a relatively stagnant rate. As Taxfoundation.com cites, there have been 133 major corporate tax rate cuts globally since 2006. Meanwhile, America’s continues to remain close to 40% as it has since the late 1980’s.
From the Taxfoundation.com:
Currently, the U.S. corporate rate is more than 50 per cent higher than the simple average of the 33 other member nations in the OECD. And, our rate is roughly 10 percentage points higher than the weighted average of OECD nations.
Both Barack Obama and Mitt Romney have proposed to lower the corporate tax rate, however. As The Daily Ticker reports, Obama’s plan would lower the top rate to 28% while Romney’s plan would lower it to 25%.