America’s corporate tax rate is 35%—the highest in the industrialized world. In today’s global economy, we’ve got to be more competitive.
- The US Has the Highest Corporate Tax Rate in the Developed World
The US does have a high statutory rate (up to 35%), but significant deductions and exemptions mean companies actually end up paying a much lower rate; the effective tax rate is about average. Furthermore, while the statutory rate is relatively high, it is not the highest in the developed world; that distinction goes to the United Arab Emirates with rates up to 55%.