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Many companies have a choice as to where to locate. Taxes are a big influence over that decision. Since Obama became President, our world ranking has eroded significantly in the area of taxation. That's important since many location decisions are competitive and our tax code puts us at a severe disadvantage.
Here is the article from the WSJ:
Debating taxation is all the rage these days, and not a moment too soon. A report released this month exposes some unpleasant truths about America's uncompetitive system for taxing businesses.
The Paying Taxes 2012 study, produced by the World Bank, International Finance Corp. and PricewaterhouseCoopers, ranks countries based on the ease or difficulty of paying business taxes. The Maldives came in first, followed by Qatar and Hong Kong. America clocks in at 69 out of 183 countries, down one spot from last year and 23 places shy of its finish in 2009.
WSJ's Laura Meckler previews a battle expected to be staged in Washington next month over payroll tax cuts enacted last year that are scheduled to expire in December. Photo: REUTERS/Laszlo Balogh
This survey offers a more detailed analysis of tax policy than does the World Bank's annual Doing Business survey, to which it's a complement. It measures compliance costs such as hours spent filling out forms in addition to tax rates to weigh the full tax burden on companies.
The authors note that many countries have cut tax rates for businesses in recent years—an average of 8.5 percentage points since 2006. Three of the top five economies in the table—Hong Kong, Singapore and Ireland—offer businesses generally flat profit taxes. America is behind the curve. Its total tax rate of 46.7% (factoring in Social Security and other taxes on top of the 35% rate on corporate income) places the U.S. at an abysmal 131 in the tax-rate ranking, behind the likes of the U.K., Finland, Norway, Switzerland and Ghana.
China and India. Lower tax rate can't compete with that.
India has a corporate tax rate of 33.9% on domestic companies, and 42.2% on foreign. China's effective corporate tax rates are also higher (and higher than the statutory rates). Leave it to the rhetoriceers to keep trumpeting the same thing over and over again.
Last edited by CaseyB; 12-01-2011 at 12:34 PM..
Reason: personal attack
IMO we are lost all those jobs because home equity was the economic engine our economy was running on. If it was possible for a president to create jobs George Bush could of done it because the economy tanked, banks failed and unemployment rose to 10% during the campaign . If you remember John McCain stopped campaigning for a while to try to deal with the crash.
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