In a recent announcement, Japan reduced its corporate tax rate making the United States corporate tax rate the highest in the world.
Currently, Japan has the highest tax rate in the world – a whopping 39.8% including local and national taxes. Japan will reduce this rate to 36.8% as of April 1st. The United States tax rate stands at 39.2% including federal and state taxes.
According to the treasury department, US corporations can take advantage of various tax breaks making the effective tax rate of only 29.2% which is way below the average of 32% among other major economies in the
Corporate Tax Rates In Major Economies:
- United States: 40%
- Japan: 37%
- France: 35%
- Italy: 31%
- Germany: 30%
- Canada: 28%
- United Kingdom: 26%
It is quite clear that our Tax Rates are much higher than everyone else but none the less we are facing a deficit. What do you think about US tax rates?