Republicans and Democrats on the Joint Select Committee on Deficit Reduction this week finally agreed on something substantive: The U.S. corporate tax rate is too high. It’s a point we’ve been making for years at Heritage. High federal and state corporate tax rates — a whopping 39.2 percent when combined …
The U.S. is a worldwide business leader. However, high corporate taxes increase the difficulty for businesses to compete internationally in this age of globalization. Private investment in the U.S. can be increased if the federal statutory corporate income tax rate is reduced. According to Heritage analysts, the federal corporate rate matters …
The United States will soon have the highest corporate tax rate in the world once Japan enacts its pledge to cut its rate. This dishonorable distinction is driving both Washington lawmakers and the business community to finally call for long-overdue reform. Politico reports that Treasury Secretary Timothy Geithner will release …
Today, the Labor Department released its monthly jobs report showing that the U.S. economy added 216,000 jobs in March and unemployment fell to 8.8 percent. Despite these encouraging numbers, Americans still consistently tell pollsters that jobs and the economy are the most important problems facing the country. And yesterday, Gallup …
The United States has the second highest corporate tax rate of any of the 30 countries in the Organization for Economic Cooperation and Development (OECD) – a collection of the most economically developed countries in the world. The federal rate is 35 percent. Add on the average state corporate income …
In a time when the usage of the word “bipartisan” spawns cynicism among taxpayers across the 50 states, a recent bipartisan Senate bill stands out as an exception. “The Bipartisan Tax Fairness and Simplification Act of 2010,” introduced by Senators Ron Wyden (D-OR) and Judd Gregg (R-NH), is a serious …
The stock market reacted favorably this morning when it was announced that the number of people on payrolls fell by 36,000 in February, better than the 50,000 loss expected by economists. The unemployment rate held steady at 9.7%, also slightly better than expected. Another indicator that may have received less …
The Tax Foundation reported last week: “Canada, the Czech Republic, Korea, and Sweden all cut their corporate tax rates in 2009, distancing the United States even further from the pack with its combined federal and state rate of 39.1 percent—second only to Japan for the highest corporate tax rate among …
