Report: Only France has higher corporate tax than US, by just 0.7%

The U.S. corporate tax rate is so high at 35.3 percent that only one other industrialized country, tax-heavy France, has a stiffer one, at 36 percent, according to a new Tax Foundation report that gives a key reason to why corporations are moving overseas.

Remarkably by comparison, countries like Denmark and Switzerland that provide citizens with more goodies than Washington have rates below 19 percent.

“The United States is prime for corporate tax reform” said Jack Mintz, author of the study geared to reviving the debate to cut the tax.

The report, posted below, found that most industrialized countries associated with the Organisation for Economic Co-operation and Development (OECD) have cut their rates over the past decade.

“Since 2005, 63 countries have cut their statutory corporate tax rate, lowering the average statutory tax rate to 24.4 percent across the 95 countries surveyed. Meanwhile, the U.S. corporate tax rate has remained stagnant,” said the report.

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