The Obama Administration yesterday backed down from its plan to tax the earnings on 529 savings accounts, a kind of saving account for higher education under section 529 of the tax code. At Bloomberg, Richard Rubin and...
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U.S. Corporate Income Tax Rate Approaching Twice the World Average
KPMG has released their annual survey of corporate and indirect tax rates:
"Our 2011 survey of the world's corporate and indirect tax rates continues the story told in earlier years. Corporate tax rates have been steadily falling for a decade in many countries, while value added tax and goods and services tax (VAT/GST) systems have proliferated across the globe, rising each year to higher rates and applying to more items as indirect tax systems mature. Some commentators have wondered if these dual trends were temporary anomalies that would reverse over time. Based on our reading of this year's survey results, the chance of a return to the pre-2000 status quo is remote and the global re-balancing of corporate and indirect taxes will continue."
The following graph illustrates just how dramatic the decline in corporate tax rates has been over the last decade, that is everywhere except the U.S.
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