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Tax Rates

In: Business and Management

Submitted By Rather1
Words 400
Pages 2
The have many different tax rates here in the United States in our Federal, State and local level governments. Tax rates are pretty much put on everything from sales of goods and service, property values to income. It is just a percentage rate at which a person or business is taxed. A particular issue that stands out here lately in regards to tax rates is the Federal corporate income tax rate.

The United States tax code for corporate income tax rates has been in a heated debate over the years. The United States corporate income tax is currently at 35%. This makes the United States the 2nd highest corporate income tax rate in the world. The top spot belongs to Japan with 39%. In comparison too most industrial countries around the world such as Ireland, Denmark, China and Switzerland, the United States tax rate is triples their rate. The high tax rate is driving some American multi-international corporations to beg Congress for tax code reform to reduce the current tax rate. Some of these multinternational companies such as Transocean and Halliburton relocated their headquarters in other countries. But research from the GOA says this is slightly exaggerated. Some of these large multi-international companies due to tax breaks, loop hole and offshore bank accounts have pay about average of what other companies in industrial countries pay, some have paid nothing at all. Research shows that some companies have pay less, way less than companies around the world. In 2008 the U.S. Government Accountability Office (GOA) reported after research they found that 55 companies paid “No” taxes for at least one year out of a 7 year time period (GOA, 2008). Look at tax records for Google and General Electric. In 2010 these 2 companies paid Zero in taxes. The truth of the matter is that some of these companies like Wal-mart or Sears do not have the R&D or pension programs...

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