Although virtually nothing is predictable in politics these days, here is one certainty: Americans — at least the ones watching the news — are about to hear a lot about corporate taxes.
More specifically, one claim will be made over and over again as Republicans ramp up to overhaul the tax code: The U.S. has the highest corporate tax rate in the world. President Trump said it in a Thursday speech in West Virginia, and House Speaker Paul Ryan mentions it a lot.
The claim: The U.S. has the highest corporate tax rate in the world.
The short answer: That is generally true, though many businesses end up paying far less than the statutory rate.
The long answer: The U.S. has the highest top corporate tax rate at least among advanced economies. Compared with nations in the OECD — the Organization for Economic Cooperation and Development, a group of highly developed countries — the U.S. has the highest top corporate tax rate in the world. The top corporate tax rate in the U.S., a combination of federal and state and local taxes, is nearly 39 percent this year. That's well above most other OECD nations.
FACT CHECK: Does The U.S. Have The Highest Corporate Tax Rate In The World?
More specifically, one claim will be made over and over again as Republicans ramp up to overhaul the tax code: The U.S. has the highest corporate tax rate in the world. President Trump said it in a Thursday speech in West Virginia, and House Speaker Paul Ryan mentions it a lot.
The claim: The U.S. has the highest corporate tax rate in the world.
The short answer: That is generally true, though many businesses end up paying far less than the statutory rate.
The long answer: The U.S. has the highest top corporate tax rate at least among advanced economies. Compared with nations in the OECD — the Organization for Economic Cooperation and Development, a group of highly developed countries — the U.S. has the highest top corporate tax rate in the world. The top corporate tax rate in the U.S., a combination of federal and state and local taxes, is nearly 39 percent this year. That's well above most other OECD nations.
FACT CHECK: Does The U.S. Have The Highest Corporate Tax Rate In The World?