During his Labor Day speech in Detroit Vice President Joe Biden was critical of Republicans for making people question the federal tax system.
“This new Republican Party has everybody asking questions like, ‘Are unions too strong?’” Biden told the crowd at the former Tigers Stadium.
“No, no think about this. Think about what you read and see in the paper you hear a question like, ‘Are corporations overtaxed?’ What the hell are we talking about?”
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This April Fool’s Day, the joke is on all of us. That’s because as of April 1, the U.S. now has the highest corporate tax rate in the developed world.
Our high corporate tax rate has long made the U.S. an uncompetitive place for new investment. This has driven new jobs to other, more competitive nations and meant fewer jobs and lower wages for all Americans.
Other developed nations have been cutting their rates for over 20 years. The U.S. did nothing.
The U.S. was at least able to stay out of the top spot until now, because Japan had also failed to get its corporate tax rate in line with other more competitive nations. But Japan has finally seen the light and reduced its rate as of April 1.
Japan’s rate was 39.5 percent. That was just barely ahead of the U.S. rate of 39.2 percent (this includes the 35 percent federal rate plus the average rate the states add on). Japan’s rate now stands at 36.8 percent after its recent cut.
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