Some people wonder why American businesses are failing to compete in the global economy. I don’t — I wonder how they are managing to do as well as they are. Take a look at corporate tax rates among some of the worlds most advanced economies:
- Australia: 30%
- Austria: 25%
- Canada: 29.5-35.5%
- France: 33.33%
- Germany: 29.8%
- Israel: 27%
- Japan: 30%
- South Korea: 13-25%
- The Netherlands: 20-25%
- Russia: 20%
- Singapore: 18%
- United Kingdom: 20-28%
- United States: 15-39% (federal) plus 0-12% (state)
Depending upon what U.S. state a business resides in, it could pay the highest corporate tax rates in the world. You can see more data for yourself at Tax Rates Around the World.
Big businesses, the types than can buy congressmen and fund presidential campaigns, aren’t too worried about these tax rates. They seem to always have loopholes created for them to be able to avoid taxes. More than anything, these tax rates destroy American small businesses.
Worse, the Obama administration is planning to raise taxes on American businesses. This will cause the U.S. unemployment rate to become even worse. In the end, it will also lower tax revenue for the government, because companies that are forced out of business by oppressive tax rates no longer provide the government any tax revenue.
The way I see it, we have two choices. We must either take back America from the people who are actively destroying it, or we must find new countries where we can build businesses and provide for our families. I am not certain that the first option is even possible at this late date.
