U.S. Stands Still While Others Lower Corporate Rates
WASHINGTON, D.C. - The U.S. has the highest corporate tax rate in the developed world at 38.90%. The rate has barely budged since Congress last overhauled the tax code in 1986. Meanwhile, most of the 34 other countries in the Organisation for Economic Co-operation and Development (OECD) have lowered theirs, some drastically. For example, since 2010, Japan and the United Kingdom have reduced their corporate tax rates nearly 10 percentage points, making both countries more appealing for businesses and others to invest their capital. We need tax reform to bring our corporate tax rate in line with our global competitors.