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Article: To join the tax-cut race? Reducing the corporate tax rate would be a simple way to boost U.S. competitiveness.(THE AMERICAN SCENE)
- Article from:
- The American (Washington, DC)
- Article date:
- July 1, 2008
CopyrightCOPYRIGHT 2008 The American, a Magazine of Ideas The American, a Magazine of Ideas. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Earlier this year we noted that the World Economic Forum had ranked America as the world's most competitive economy. Unfortunately, the political winds seem to be shifting in favor of policies that would make the United States less competitive, such as curbing trade expansion and introducing excessive new financial regulations.
We are encouraged, however, by the growing bipartisan consensus that America's federal corporate tax rate should be trimmed. It currently stands at 35 percent; when the average state corporate tax rate is combined, the overall corporate tax rate jumps past 39 percent. Among developed countries, only Japan's ...