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Does the US have the highest taxes?
I always hear people talking about how the US has the highest tax rates in the world, and they are afraid that if the top tax rate is raised 4% that corporations will begin leaving this country and setting up shop in other countries.
I looked at this site:
The tax rates in the US are lower than almost every other country when you include municipal taxes, social security, and value added taxes. There are some that are lower, but they are not the larger, more industrialized countries.
Is there a reason to believe that corporations are going to leave the country even if the total US tax burden is lower than those in most countries? Aren't there some benefits to keeping a corporation in the US besides the lower taxes? Or maybe I'm just reading these tables wrong...
If you look at the site I referenced, you'll see the Japan, India, and China (to name a few) have higher corporate taxes than the US. Germany and the US are comparable, and England is lowest. Are corporations likely to move to England to save money in their tax burden?
5 Answers
- Anonymous1 decade agoFavorite Answer
Far far from it. The USA has the lowest overall tax burden--about a third of the gross national product--of nations in the Western World. Underdeveloped nations may have lower tax rates and are, well, underdeveloped.
- 1 decade ago
Our Corporate Tax Rates are the second highest of the developed world. Further raising this tax would be a disaster and would send more jobs over-seas as well as make goods and services more expensive for Americans.
The Corporate Tax Rate should be lowered to a flat-rate around 26 to 28% where Economists believe the maximization rate exists for this tax.
- hdean45Lv 61 decade ago
Our personal income taxes are lower at least for now. When I worked in Germany the government took any where from 41% of the wages for a married person to almost 60 %for a single Individuel plus their tax on gas and other goods were much higher.This might be what we have to look forward to.
- 5 years ago
No, but yes. No, government should not be so big that it needs to steal more and more. However, as is, govenrment creates debt and inflates the monetary base to pay for its games. Monetary inflation and debt are hidden from the people. If we could eliminate governments power to create debt, and inflate the monetary base, visible taxes would have to be raised. I think that forcing every govt wishes to be spent, to be taxed the year in advance, would help freedom and liberty and peace greatly. People would finally see just how expensive govenrment was, while realizing exactly how little they got in return.
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- Anonymous1 decade ago
Don't believe everything you hear..
Especially the fools telling you that the US has
the worlds highest taxes..
Obama's socialism is going to raise taxes.
