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Article: U.S. Corporate Tax Rate 50% Higher than Economic Competitors
- Article from:
- US Fed News Service, Including US State News
- Article date:
- August 13, 2008
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The Tax Foundation issued the following news release:
Tax Foundation President Scott Hodge this morning released the latest Tax Foundation "Fiscal Fact" in response to a new study from the Organisation for Economic Co-Operation and Development (OECD). The OECD study shows that for the 17th consecutive year, the average rate of corporate taxes in non-U.S. countries fell while the U.S. corporate tax rate stayed the same.
As a result of the U.S. failure to lower its corporate tax rate for more than two decades while other major trading nations lowered theirs, the U.S. corporate tax rate is now 50% higher than the OECD average. Nine key trading partners cut their rates during 2007.
"Continued ...