In this challenging economic climate, countries around the world are competing to attract new businesses and investments. Now, more than ever, being business-friendly is key to generating economic growth. Over the last decade while the U.S. has been standing still, America’s foreign competitors have raced to lower their corporate tax rates in order to attract businesses. These rate cuts have left the U.S. with the highest corporate rate among developed countries.
Each week, RATE will highlight this intense competition with the first ever Global Competitiveness Cup. During this tournament of tax rates, we’ll match the United States corporate tax rate of 35% against our global competitors.
After being swept by members of the Organization for Economic Cooperation and Development (OECD) competitors, the U.S. will face off against a new slate of industrialized and developing nations. This week the U.S. lost to China.
Summary of U.S. vs OECD nations: