Well, friends, I think we can finally give our government some credit. After decades of effort, we are finally one of the top nations in the world in something. In fact, we’re the third best. Only France and Portugal are better. With a huge bipartisan effort and some fantastic leadership from President Obama, the United States is now third in tax shittiness:
If American businesses have begun looking for opportunities to relocate their corporate offices overseas, it’s not necessarily from a lack of patriotism. The Tax Foundation calculated the tax competitiveness of the 34 countries within the Organisation for Economic Co-operation and Development (OECD), nations at least nominally committed to free-market economics, as part of their annual ranking system. The US comes in 32nd out of 34, just above France and Portugal, but below such economic powerhouses as Mexico — and Greece
The United States places 32nd out of the 34 OECD countries on the ITCI. There are three main drivers behind the U.S.’s low score. First, it has the highest corporate income tax rate in the OECD at 39.1 percent. Second, it is one of the only countries in the OECD that does not have a territorial tax system, which would exempt foreign profits earned by domestic corporations from domestic taxation. Finally, the United States loses points for having a relatively high, progressive individual income tax (combined top rate of 46.3 percent) that taxes both dividends and capital gains, albeit at a reduced rate.
This isn’t just a matter of taxes being high; many of the countries ranked below us have much higher overall tax rates and much larger governments. To get our #3 ranking, we had to put together a corporate tax system with both a high rate and ridiculous complications. We had to resist the global trend to not double-tax foreign earnings. We had to make our income tax ridiculously complicated and unfair. We had to create a tax system that is openly hostile to the idea of people working, investing and exporting goods.
So, congratulations to the Congress and President Obama! Between this and our rapid decline in the Economic Freedom Index, you’re making this country worse than the European socialist states!