The U.S. corporate tax rate: Is it really too high? Nope!
Yes, we are in a lot of trouble when it comes to our Debt level as a Country and if we don't fix that problem we are all going to be in worse troubles than we are now. Much is being discussed in terms of cutting spending by Republicans, Democrats and Tea Party members. Congress is feeling the pressure, especially by the Tea Party. All this is good but it deals with only 1/2 of the equation, cutting spending. The other part is to raise tax revenue for the government, which is off the table and not being discussed because they say we pay too much taxes now. That is why the Bill to attempt to have the wealthiest millionaires in our country pay more taxes was defeated in the Congress.
What we hear now is that our Corporate taxes are the highest in the world and need to be reduced. This is both true and false. How can that be both true and false at the same time, you ask? That's simple to answer. It is because while we have a top Corporate tax rate of 35% on profits, we also have a 0% tax rate for many Corporations as well if they can fit through the loophole. That is why companies like GE, Bank of America and many, many others pay no taxes at all. That's right, both companies made Billions of dollars in profit last year, but paid no Corporate taxes. In fact, Bank of America even got a rebate from the government. Here's the actual date on the Corporate Tax rate by Country. Notice what it says for the US. The best way to use this list is to think of a Country you think is financially doing well. For example, many believe Germany is the best economy in the EU right now financially. Well, their Corporate tax rate is 29.8%, but all companies pay that amount in Germany!
Country/Region Corporate Tax Rate
Afghanistan 20%
Albania 10%
Algeria 19%
Angola 35%
Argentina 35%
Armenia 20%
Aruba 28%
Australia 30%
Austria 25%
Azerbaijan 22%
Bangladesh 0–45%
Barbados 25%
Belarus 24%
Belgium 33.99%
Benin 35%
Bhutan 0–25%
Bolivia 25%
Bosnia and Herzegovina 10%
Botswana 15%
Brazil 34%
Brunei 23.5%
Bulgaria 10%
Burkina Faso 10–45%
Burundi 35%
Cambodia 10%
Cameroon 38.5%
Canada 11–16.5%
Cape Verde 15%
Central African Republic 19%
Chile 17%
China 25%
Colombia 33%
Croatia 20%
Cuba 30%
Cyprus 10%
Czech Republic 20%
Denmark 25%
Egypt 20%
El Salvador 25%
Estonia 21%
Finland 26%
France 33.33%
Gabon 35%
Germany 29.8%
Georgia 15%
Gibraltar 33%
Greece 22/25%
Guatemala 31%
Guyana 35%/45%
Hong Kong 16.5%
Hungary 10%
Iceland 18/3%
India 33.2%
Indonesia 25%
Iran 25%
Ireland 12.5%
Israel 25%
Italy 31.4%
Jamaica 33.3%
Japan 40.7%
Jordan 15/25/35%
Kazakhstan 17.5%
South Korea 13/25%
Latvia 15%
Lithuania 15%
Luxembourg 29.63%
Macau 12%
Malaysia 25%
Malta 35%
Mauritius 15%
Mexico 28%
Monaco 33.33%
Montenegro 9%
Morocco 30%
Netherlands 20/25.5%
New Zealand 28%
Norway 28%
Pakistan 35%
Panama 30%
Peru 30%
Philippines 30%
Poland 19%
Portugal 25%
Romania 16%
Russia 13–20%
Saudi Arabia 20%
Senegal 25%
Serbia 10%
Singapore 17%
Slovakia 20%
Slovenia 21%
South Africa 28%
Spain 25–30%
Sweden 26.3%
Switzerland 13–25%
Syria 10–45%
Taiwan 17%[
Tanzania 30%
Thailand 30%
Tunisia 30%
Turkey 20%
Ukraine 25%
United Kingdom 21–28%
United States 0–35%
Uruguay 30%
Uzbekistan 9 %
Venezuela 15/22/34%
Vietnam 25%
Zambia 35%
I think we should lower the overall Corporate tax rate but all companies profits should be taxed and all should pay with no exceptions. I don't care if the Corporate Tax rate was 25% instead of 35%. I'LL BET WE WOULD STILL GET MORE TAX MONEY INTO THE U.S. TREASURY THAN WE DO TODAY! After all, if we are the policemen of the World as Libya seems to show, we need to pay for it somehow and just cutting spending is not the answer.
Here's something that was published in August, 2008 and received little notice. You can click on this link and read the entire article. "Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress."
Are you seeing the problem now more clearly? I hope so!
What we hear now is that our Corporate taxes are the highest in the world and need to be reduced. This is both true and false. How can that be both true and false at the same time, you ask? That's simple to answer. It is because while we have a top Corporate tax rate of 35% on profits, we also have a 0% tax rate for many Corporations as well if they can fit through the loophole. That is why companies like GE, Bank of America and many, many others pay no taxes at all. That's right, both companies made Billions of dollars in profit last year, but paid no Corporate taxes. In fact, Bank of America even got a rebate from the government. Here's the actual date on the Corporate Tax rate by Country. Notice what it says for the US. The best way to use this list is to think of a Country you think is financially doing well. For example, many believe Germany is the best economy in the EU right now financially. Well, their Corporate tax rate is 29.8%, but all companies pay that amount in Germany!
Country/Region Corporate Tax Rate
Afghanistan 20%
Albania 10%
Algeria 19%
Angola 35%
Argentina 35%
Armenia 20%
Aruba 28%
Australia 30%
Austria 25%
Azerbaijan 22%
Bangladesh 0–45%
Barbados 25%
Belarus 24%
Belgium 33.99%
Benin 35%
Bhutan 0–25%
Bolivia 25%
Bosnia and Herzegovina 10%
Botswana 15%
Brazil 34%
Brunei 23.5%
Bulgaria 10%
Burkina Faso 10–45%
Burundi 35%
Cambodia 10%
Cameroon 38.5%
Canada 11–16.5%
Cape Verde 15%
Central African Republic 19%
Chile 17%
China 25%
Colombia 33%
Croatia 20%
Cuba 30%
Cyprus 10%
Czech Republic 20%
Denmark 25%
Egypt 20%
El Salvador 25%
Estonia 21%
Finland 26%
France 33.33%
Gabon 35%
Germany 29.8%
Georgia 15%
Gibraltar 33%
Greece 22/25%
Guatemala 31%
Guyana 35%/45%
Hong Kong 16.5%
Hungary 10%
Iceland 18/3%
India 33.2%
Indonesia 25%
Iran 25%
Ireland 12.5%
Israel 25%
Italy 31.4%
Jamaica 33.3%
Japan 40.7%
Jordan 15/25/35%
Kazakhstan 17.5%
South Korea 13/25%
Latvia 15%
Lithuania 15%
Luxembourg 29.63%
Macau 12%
Malaysia 25%
Malta 35%
Mauritius 15%
Mexico 28%
Monaco 33.33%
Montenegro 9%
Morocco 30%
Netherlands 20/25.5%
New Zealand 28%
Norway 28%
Pakistan 35%
Panama 30%
Peru 30%
Philippines 30%
Poland 19%
Portugal 25%
Romania 16%
Russia 13–20%
Saudi Arabia 20%
Senegal 25%
Serbia 10%
Singapore 17%
Slovakia 20%
Slovenia 21%
South Africa 28%
Spain 25–30%
Sweden 26.3%
Switzerland 13–25%
Syria 10–45%
Taiwan 17%[
Tanzania 30%
Thailand 30%
Tunisia 30%
Turkey 20%
Ukraine 25%
United Kingdom 21–28%
United States 0–35%
Uruguay 30%
Uzbekistan 9 %
Venezuela 15/22/34%
Vietnam 25%
Zambia 35%
I think we should lower the overall Corporate tax rate but all companies profits should be taxed and all should pay with no exceptions. I don't care if the Corporate Tax rate was 25% instead of 35%. I'LL BET WE WOULD STILL GET MORE TAX MONEY INTO THE U.S. TREASURY THAN WE DO TODAY! After all, if we are the policemen of the World as Libya seems to show, we need to pay for it somehow and just cutting spending is not the answer.
Here's something that was published in August, 2008 and received little notice. You can click on this link and read the entire article. "Two out of every three United States corporations paid no federal income taxes from 1998 through 2005, according to a report released Tuesday by the Government Accountability Office, the investigative arm of Congress."
Are you seeing the problem now more clearly? I hope so!
Labels: business taxes, Corporate Tax rates, Countries, taxes, World
posted by Charles Amico at 4:47 AM
5 Comments:
This is eye opening: http://bit.ly/hkLTE3
government spending is out of control. What we have today is socialim. Contrary to what we hear from Washington, government 'doesn't know best'. Let's stop the spending and get back to being America!!!!
Check this out: http://www.youtube.com/watch?v=qZHwtmIY1po&feature=related
Thor
Thor, I agree less with you on this one. What we have currently is a business oligarchy controlling country, which wants to destroy any voices of reason around paying fair share taxes by the wealthiest 1% of us. It is made up of the Koch brothers and others of the same ilk. They are wanting to dismantle Unions so there is no fundraising for Democrats and so they can deregulate everything. Spending is only part of the problem. The other part is that our government isn't collecting enough taxes today as it did 20 years ago.
Yes it is high. And you have to get more knowledge. Ignorance and knowledgeness is the biggest enemy of our times. Tha corporate tax is high. All the small businesses pay that amount, but some certain corporations which run US government pay NONE. And they take all profit to themselves which does not benefit anyone but them. They have to pay the same tax rate. But no, they are "friends" of the government, so they pay nothing. But small businesses are struggling with high tax rate and some of them go bankrupt. This is designed to be this way. Soon there will be no middle class in US too, like in any other countries in eastern europe or something. And theyre will be only poor and rich.
Except you are forgetting a few key points: The government passed tax laws regarding combining years with net loses against 2010 taxes. It's not a loophole. Also: you're forgetting Canada's tax rate has been at about half ours for a long while now and they have done better than us. Companies start in countries with lower tax rates. You have to be competitive. Another thing you're forgetting as well is that Canada had 10+ years of a budget surplus, and proved that the rate they have brigs in more revenues for the government and expands the economy over higher rates. Look up Canada research regarding tax laws. They have exact numbers of expansion, profits, revenues, and new headquarter corporations in their country since lowering the rate. And EVERYONE paid the higher rates I'm their economy. They already tested it. You're wrong. Through and through. And also let the record show: Canada also has the lowest debt to GDP ratio of any country in the g7, has a stronger dollar than ours now, and their median income is about the same as ours. If we had lower corporate tax rates during the 90's boom we would have been unstoppable. It was already proven $1 trillion, yes 1/14th of our GDP is off shore revenues now since that time frame. Side comment: the businesses already promised to bring that back if we made our rate competitive. So if they were really paying nothing do you really think they'd subject themselves to a higher rate? Use your brain idiot. And 1/14th our total GDP being moved back in home would eliminate our jobs crises. But lo and behold Clinton said no, that's irresponsible. Just because we are america does not mean we can have a higher corporate tax rate and still somehow magically have businesses want to have their business here and or employees. Get a brain. Liberal indoctrinated moron.
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