U.S. Corporate Tax Rate: No. 1 in The World

Posted  661 Views updated 3 years ago

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?