Trump's plan would slash US business taxes to among the lowest of the world's developed countries
President Donald Trump is set to release his massive tax plan on Wednesday that includes slashing the corporate tax rate.
One of the biggest refrains from Trump and Republicans is the desire to make the US "competitive" globally when it comes to corporate tax rates.
The current 35% corporate rate is the highest among the 35 OECD countries (just accounting for the base level central government rate that Trump's tax plan would cut). Under Trump's tax plan, the US would have the seventh lowest tax rate of the developed nations, between Germany and Poland.
If average federal deductions and average state level taxes are included, the US would move to 15th lowest among OECD countries since many of the smaller nations do not have sub-central government level taxes, according to the OECD database.
Andy Kiersz/Business Insider
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Kia India looks to expand sales, service network to 700 touchpoints by year-end
- Shapoorji Pallonji’s Afcons Infra files DRHP for ₹7,000 crore IPO
- Water crisis affects businesses across Bengaluru; Is there room for cautious optimism?
- BenQ Zowie EC2-CW review – Premium wireless mouse for gamers
- Banks' GNPAs set to improve further to 2.1 pc by FY25: Care Ratings