Japan’s Rate Drop Puts U.S. at Top of Corporate Tax Rankings
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U.S. corporations are pointing to the country’s new status as the major economy with the highest statutory corporate tax rate as a reason for overhauling the tax code and cutting the rate.
Japan reduced its rate, effective this month, putting that country’s statutory tax rate at 38.01 percent, according to the Tax Foundation, a Washington group that favors a broader tax base and lower rates. The U.S. rate, including state and local income taxes, is 39.2 percent.