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Corporate Taxes: Another Do Nothing Obama Accomplishment

lee362 Wrote: Apr 02, 2012 9:23 AM

Failing to mention that our "effective tax rate" is still significantly lower than many other industrialized nations does not do readers justice. Of course what this means in practice is that some favored industries/businesses get really good tax deals and some disfavored industries/businesses are hung out to dry. The optimum solution would be to lower the rate dramatically (preferably to zero) and eliminate deductions which confer benefits on those who have lobbied for them while blocking growth to newcomers. Ignoring this issue puts low tax advocates under the bus as redistributionists can accurately argue that our corporations don't really pay all that much. Lee Nason New Bedford, Massachusetts

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johnm h Wrote: Apr 02, 2012 9:34 AM

That is exactly right. Indeed, Congress threatens even higher rates, even more draconian regulation, then cuts deals with big contributors. The tax code is the motherlode of crony capitalism that is why neither ceo's of big corporations or liberals they contribute to want any drastic cuts in corporate taxes. Even so called conservatives are only talking about lowering it slightly.

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Corporate Taxes: Another Do Nothing Obama Accomplishment

If only it was a very bad April Fool’s Day joke, but it’s not. As of April 1, the U.S. will have sole possession of the highest corporate tax rate in the developed world. When the average tax that states add to the 35% federal corporate tax is included, American businesses are tagged at a 39.2% rate. Japan is the latest nation to lower the tax rate on business and in so doing will relinquish the dubious top tax rate distinction to the USA.

Over the last two decades OECD nations (The Organisation for Economic Co-operation and Development) have been...

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