Tax Rates by Country

The US Congress is attempting to lower its Corporate and Individual Tax Rates. Most other countries lowered their corporate tax rates over the past few decades. The US Congress’ failure to lower the US Corporate Tax rate ensured the US decline in manufacturing jobs. The current corporate tax rate in the US is 35% and is the highest on the planet. We need to cut this rate to bring middle-class jobs back to the US.

Highest Corporate Tax Rates in the World

United States 35%

Japan 32%

Canada 31%

Cuba 30%

Australia 30%

Germany 30%

Mexico 30%

Greece 29%

Italy 28%

Spain 25%

Austria 25%

Netherlands 25%

China 25%

Indonesia 25%

Norway 24%

South Korea 24%

Sweden 22%

Denmark 22%

Thailand 20%

Finland 20%

Vietnam 20%

Russia 20%

Poland 19%

UK 19%

Taiwan 17%

Singapore 17%

France 15%

Ireland 13%

Israel 6%

If Congress passes the US corporate rate cut from 35% to 20% the US rate would drop from the highest corporate tax rate to the middle of the pack. That’s lower than Mexico at 30% and China and Indonesia at 25%, where most of our jobs have gone.

https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

The US Congress is also attempting to cut US Individual Income Tax Rates and modify the number of tax brackets. The current tax rates for select countries is listed below:

List of Individual Income Tax Rates by Country

UK 62%

Finland 62%

Sweden 60%

Canada 59%

Ireland 52%

Netherlands 52%

Norway 50%

Japan 50%

Germany 48%

Norway 47%

United States 46%

France 45%

China 45%

Greece 45%

Spain 45%

Taiwan 45%

Italy 43%

India 35%

Mexico 35%

Turkey 35%

Argentina 35%

New Zealand 33%

Poland 32%

Brazil 28%

Singapore 22%

Romania 18%

Hong Kong 15%

Russia 13%

Most European countries also have a VAT tax on sales averaging 20%. The US has no VAT tax.

https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates

There are countries like Hong Kong and Singapore that are attracting our US Billionaires.  When the US top individual tax rate was 28%, the Brits immigrated to the US. Individual tax rates can prompt foreign CEOs to relocate their companies to other suitable countries with lower rates.

Congress is also proposing modifications to the tax codes for Corporate and Individual Income taxes that include removal or combining of deductions and increases in allowances and attempting to pass both Corporate and Individual tax changes in the same Bill. 

If the Bill fails to pass, Congress should try to pass the Corporate Tax cut in a separate Bill to be effective as soon as possible to ensure the continuation of the restoration of the US economy.

Norb Leahy, Dunwoody GA Tea Party Leader