corporate tax rate
It’s no mystery why American companies have stockpiled over $2 trillion of overseas earnings in foreign bank accounts. If they bring it to the United States, the IRS would grab 35% of it. That’s the US corporate tax rate – the highest in the developed world, double the average in EU nations.
American companies that reincorporate abroad are not doing so to avoid paying taxes on U.S. earnings, despite the often misleading impressions left by the rantings of Senators Carl Levin, Dick Durbin, Elizabeth Warren, and others to the contrary. They are doing it to avoid paying U.S. taxes on earnings in other countries.
President Obama paints pretty pictures with flowery pro-growth and populist rhetoric. But the results are consistently the opposite of his promises.
Fox News’ Jim Pinkerton talks about the absurd spectacle of Apple CEO Tim Cook being hauled in front of a Senate committee to explain why he takes pains to follow to the letter America’s punitive corporate tax laws.