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Article: The U.S. Corporate Income Tax System: Once a World Leader, Now A Millstone Around the Neck of American Business

Article from:
Special Report - Tax Foundation
Article date:
November 1, 2005
Author:
Copyright

Introduction

In the Tax Reform Act of 1986 (TRA'86) the U.S. Congress lowered the top corporate income tax rate from 46 percent to 34 percent, the largest reduction since the tax was enacted in 1909. This change, along with an earlier move in the United Kingdom, started a wave of corporate income tax reduction worldwide.1

One of the ironies of tax policy during the Bush presidency is that five years of tax-cutting legislation have left the corporate income tax rate unchanged. Meanwhile, another wave of corporate income tax reduction has swept around the world and is still underway. The United States is not the leader this time around. In fact, the U.S. is lagging behind and now has the ...

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