Published: March 23, 2012
On April 1, 2012, the United States will have the highest corporate tax rate in the developed world – an unenviable #1 ranking.
After slashing its corporate tax rates in 1986 to become more competitive, America has fallen behind as other countries have followed suit.
The U.S. combined statutory corporate tax rate currently stands at 39.2 percent. In contrast, the average combined statutory corporate tax rate in other OECD* countries is only 25.1 percent.
Higher tax rates:
Business Roundtable’s Taking Action for America is a plan to increase economic growth and job creation.
The time for comprehensive tax reform is now.
*Organization for Economic Cooperation and Development
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with over $6 trillion in annual revenues and more than 14 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $150 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay $163 billion in dividends to shareholders and generate an estimated $420 billion in sales for small and medium-sized businesses annually.
BRT companies give nearly $9 billion a year in combined charitable contributions.