tax rate
Corporate Tax Rate Change
One of the topics being discussed a lot in the tax world these days is corporate tax. I usually tend to just report on facts and give strategies on my blog, and save my opinions for the forum, but I’m breaking that rule today. That’s because I feel so strongly about the need to change our current corporate tax rate.
Currently, the US has the 2nd highest corporate tax rate. The combined federal and state rate is 39.3%. The only nation that is higher is Japan at 39.5% and it looks like they will be getting a 10% cut. That would mean the US has the highest corporate tax rate.
Is a 60% Tax Rate In Your Future?
There has been a lot of talk about what changes we can expect as tax provisions expire over the next few years and a new administration takes the White House.
It looks like there is one consensus: raise individual income tax rates and cut corporate tax rates.
The IRS just released the results of its study on the consequences of the 2004 American Jobs Creation Act. For one year, American corporations had one year to bring back overseas income at a very low 5.25%. Normally the rate would have been 35%.
