Steve Hanke argues that it is about time for the United States to reform its tax code, particularly the corporate tax rate.
“The Tax Foundation released its inaugural ‘International Tax Competitiveness Index’ (ITCI) on September 15th, 2014. The United States was ranked an abysmal 32nd out of the 34 OECD member countries for the year 2014… The poor showing of the U.S. resulted from other countries recognizing the need to improve their competitive position in an increasingly globalized world.”
“Indeed, the only OECD member countries not to have cut their corporate tax rates since the onset of the new millennia are Chile, Norway, and, yes, the United States. The high U.S. corporate tax rate not only raises the cost of doing business in the U.S., but also overseas. The U.S., along with just 5 other OECD countries, imposes a ‘global tax’ on profits earned overseas by domestically-owned businesses.”
Working Capital Review: A Q&A with House Ways and Means Committee Member Rep. Jim Renacci