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/
How Much of the Latest Tax Cuts Are Going to the Wealthy?
How Much of the Latest Tax Cuts Are Going to the Wealthy? The tax cuts are in and the jury is…well…still out. That’s because it all depends on who you ask. In this case, according to the latest report from the Institute on Taxation and Economic and Policy(ITEP), an organization that leans left, the rich…
Don’t Underestimate Listening as a Leadership Tool
Listening as a Leadership Tool Are you a good listener? If you’re a leader and you haven’t mastered the skill of listening, then chances are your leadership skills need some improvement. One of the key components to becoming a great leader is being able to build trust. If people don’t trust you they won’t follow…
Use These Tips to Save for Retirement
Use These Tips to Save for Retirement Everyone has retirement dreams. But dreams are not reality. The reality is if you want your retirement dreams to come true you have to be intentional about them. That means you have to plan for retirement. It means you need to start saving, now. So what’s the best…
Which States Take the Most From the Wealthy?
Which States Take the Most From the Wealthy? No one likes paying taxes. That being said, most people recognize the need for taxes. But they still do everything they can to keep their tax bill as low as possible. Minimizing taxes is especially important for the wealthy because they pay the majority of the country’s…