The folks at the Tax Foundation just released their annual International Tax Competitiveness Index, giving conservatives and entrepreneurs new ammunition in their call to reform and streamline the U.S. tax code. The United States ranked 30th of the 35 nations in the Organization for Economic Cooperation and Development, with the tax codes of only Poland, Chile, Portugal, Italy, and France scoring worse among the world’s major industrial economies.
From the foundation’s email release:
The last time the United States reformed its federal corporate income tax was in 1986. Since then, many of our global competitors have taken steps to simplify their tax codes and lower their marginal tax rates.
The combined U.S. corporate tax rate of 39 percent (which includes average state and local corporate taxes) is significantly higher than the OECD average of 25 percent.
As U.S. legislators move forward with comprehensive tax reform, they should consider the positive effects that lowering our corporate tax rate and simplifying our tax system could have on our competitiveness abroad and economic health at home.
CJ’s Dan Way just reported on an event last week in Hope Mills where Republican U.S. Reps. Richard Hudson, 8th District, and Cathy McMorris Rodgers of Washington (who chairs the House Republican Conference) offered the basics of the GOP tax plan that could become law by the end of the year.
You can download the entire Tax Foundation study here.