We’re No. 1: In highest corporate taxes

The Examiner ^ | 3/30/2012 | Paul Bedard

[tired&retired]

Come Sunday, America finally has something to crow about in its economic war with China and Japan: It will have the highest jobs-killing corporate tax rate in the industrialized world.

No, it’s not an April Fool’s joke. When Japan officially slashes its rate to 36.8 percent Sunday, America’s will be tops at 39.2 percent.

President Obama has proposed a rate of 28 percent, but Republicans charge that it comes with $350 billion in new, off-setting taxes. The GOP is pushing for a cut to 25 percent, but the election year is getting in the way of any deal.

The Business Roundtable has been pushing for a clean cut in corporate tax rates, claiming it would spur job growth and industrial reinvestment. They even cite a recent move by England to cut their tax rates from 28 percent to 22 percent, which officials called “an advertisement for investment and jobs in Britain.”

Tita Freeman of the Business Roundtable told Secrets, “Comprehensive tax reform is an imperative for the U.S. if we are going to remain a leader in the worldwide economy.”

[tired&retired]

Add on top of the Fed tax, a Pennsylvania Corp Tax of about 10% and you know why the jobs are leaving.

[NoLibZone]

Another milestone for Obama.

[Vigilanteman]

Further, Japan's supposedly high corporate tax rate is greatly mitigated by generous deductions and employee benefits which would be taxed by their U.S. counterparts.

One of the nicest ones I got working there was a tax free 300,000 yen bonus for having a baby. (My wife actual had the baby, but I laid the keel).

[gorush]

“USA...USA...USA...”