How did we get to this point?
On April 1, Japan will cut its corporate tax rate to 36.8% from 39.5%. As it does, the U.S. will officially have the highest corporate tax rate in the world, with average combined federal and state profit levies of 39.2%.
Is it any wonder that America's corporations are (allegedly) shifting profits overseas? Profits that could be creating jobs here in the U.S.?
Is it any wonder that the standard of living for the Middle Class in this country is declining?
President Obama - to his credit - has called for reducing corporate taxes (when he's not lambasting American corporations for making a profit) (though he's yet to submit a bill to Congress that reduces their tax burden). He'd better follow through with his wish - soon - or we'll all be looking to the Chinese for a handout.