Wednesday, July 9, 2008

The Myth of Low Tax America

Sterling T. Terrell reports:

The historical and current belief is that taxes in America are low, compared to the world in general. America is the model of free markets, low regulation, and economic freedom. Right? This is simply not the case. The United States has high taxes in general and higher corporate taxes in particular.

In the 2008 Index of Economic Freedom, assembled by the Heritage Foundation, personal income taxes and corporate tax rates are compared across the globe — along with many other economic measures. In regard to personal income taxes, the United States ranks 87th out of 156 nations. And in corporate rates, it ranks 125th out of 156. In other words, 86 nations have lower tax rates on personal income than the United States, and 124 nations have lower corporate tax rates.

Venezuela, India, Finland, Haiti, Burma, Canada, Mexico, Egypt, Cambodia, and Russia are among the many nations whose top personal income tax rate is lower than the rate in America.

The only nations who have a higher corporate tax rate than America are Suriname, Pakistan, Togo, Benin, Republic of Congo, Cameroon, Chad, Libya, and Vietnam. No information was available for The Democratic Republic of Congo, Iraq, North Korea, Montenegro, Serbia, or Sudan.

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