The United States ranked just 12th in the recently released Legatum Institute’s annual prosperity index—marking the first time the country has fallen outside the 10 most prosperous nations.

One striking difference between the United States and the countries identified as more prosperous is that of the corporate income tax rate.

Earlier this year, the United States achieved the dubious honor of having the highest corporate income taxes in the world (39.2 percent). Experts argue the high rate has a detrimental impact on economic growth.

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