How Much Are U.S. Companies Paying in Corporate Taxes?
It’s no secret that the nation’s wealthiest individuals pay the most in taxes, but did you know that the United State’s corporate tax rate is also among the world’s highest? According to a report from Accounting Today, accounting and consulting firm UHY, says the U.S. corporate tax rate is 41.1 percent. That represents a much higher rate than the global average, which UHY reports is 27 percent.
A closer look at the numbers reveals that for European countries the average corporate tax rate is 25.3 percent, while the average rate for the G7 countries comes in at 32.3 percent. The good news for American companies is that the effective corporate tax rate is typically much lower than the 41.1 percent statutory rate. That number is often offset by several different tax deductions and tax-planning opportunities.
There are many advantages of having lower corporate taxes. For example, lower taxes can help free up more profits which in turn can help countries stimulate more new growth and contribute to creating a more competitive advantage by discouraging companies from jumping ship to foreign countries with more completive tax rates. Likewise countries with lower corporate tax rates can also attract businesses from other countries, which is also an effective way to improve a country’s economic growth and competitiveness.
http://www.accountingtoday.com/news/tax-practice/study-shows-us-corporate-tax-rate-among-highest-78113-1.html/
Why Are Your Property Taxes So Darn High?
While the majority of people pay the most attention to the taxes they see regularly, i.e. income and sales tax, there are other taxes that cost you a lot of money that you may tend to forget about. One of those taxes that cost a lot, but that kind of goes unnoticed is property tax.…
IRS Is a Lot More Open to Compromise These Days
It used to be that if you owed a large debt to the IRS you didn’t have a great chance of catching a break. Even though the IRS has always been able to compromise, at least a little, the tax agency has never been really eager to do so. Some people might not even be…
Could Buying a Rental Home Really Help Pay for College?
It’s back to school and for many that means school supplies and new clothes, but what about kids who are heading off to college? Their expenses are much greater than a few new outfits, pencils, paper and glue sticks. Besides the cost of tuition, most college students have to deal with the added expenses of…
Could You Lose Health Care if You Don’t File a Tax Return?
There’s been no shortage of confusion since the Affordable Healthcare Act became a law. Likewise, there has been no shortage of discontent with the bill, either. Obamacare, as it is widely known, continues to find ways to leave people in the dark not only about their healthcare, but also about their taxes. So what’s the…