Posted on 03/31/2012 11:40:49 AM PDT by raptor22
Taxes: As the president complains once again that oil companies are getting unfair tax breaks, the U.S. passes Japan as the leader in business taxes. Workers, investors and entrepreneurs will bear the cost.
On April 1, Japan will cut its corporate tax rate to 36.8% from 39.5%. This includes a 10% surtax that will expire in 2014. As it does, the U.S. will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2%. And, no, this is not an April Fools' joke.
The news comes after President Obama once again said oil company profits justified ending $4 billion in "subsidies" and shifting the money to research on clean-energy fuels.
Except there's no money to shift since the $4 billion is simply money the government doesn't take in the first place under incentives available to all manufacturing companies, from Apple to President Obama's favorite company, General Electric.
Just as we are the only industrial country not fully developing its domestic energy resources, we are the only country not slashing its corporate taxes. Great Britain was to cut its corporate tax rate on April 1 to 24% from 26% and will cut the rate again to 23% in 2013.
On Jan. 1 of this year, Canada cut its federal corporate tax rate to 15% from 16.5%.
Canada's combined rate is 26% when the average rate of the Canadian provinces is added to the federal rate. Coupled with an unfettered energy development policy, Canada's tax policy creates a low-cost, business-friendly environment, unlike the America that Obama is fundamentally transforming into a socialist command-economy that tilts at windmills.
(Excerpt) Read more at news.investors.com ...
Liberal logic 101 - we can simply tax/borrow ourselves out of our spending problem. How is that working so far?
We are headed for very hard times and it will happen much sooner than we think. I hope you are prepared.
I saw comment on FOX, but the guy who kept saying it wasn’t really, couldn’t keep his subsidies straight from his deductions. The two aren’t equal. One lets you not pay taxes on money spent (deductions), the other is money in hand from the government for whatever the government wants to produce.
Yesterday: http://www.freerepublic.com/focus/f-chat/2866074/posts
We’re No. 1: In highest corporate taxes
If Obama, Reid and Pelosi had a goose that laid golden eggs, they’d kill it and cut it open to get all the eggs out.
It’s okay. Americans love high taxes. That’s why we keep voting for people who raise them.
Now why don’t you go pay your taxes? Your government is broke. :)
Something taxable this way comes.
Something taxable this way comes.
“And, no, this is not an April Fools’ joke.”
No. We’re the joke. Enemies of this country wrote this effective date and tax rate.
Japan is cutting their’s. We’re number 1! We’re number 1!
Yes, and being #1 will attract a lot of investments and jobs... lol... //sarc
Love it.... As a CPA... I can relate!
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