Come Sunday, America finally has something to crow about in its economic war with China and Japan: It will have the highest jobs-killing corporate tax rate in the industrialized world.
No, it’s not an April Fool’s joke. When Japan officially slashes its rate to 36.8 percent Sunday, America’s will be tops at 39.2 percent.
President Obama has proposed a rate of 28 percent, but Republicans charge that it comes with $350 billion in new, off-setting taxes. The GOP is pushing for a cut to 25 percent, but the election year is getting in the way of any deal.
The Business Roundtable has been pushing for a clean cut in corporate tax rates, claiming it would spur job growth and industrial reinvestment.