U.S. Corporate Tax Rate Becomes Highest on April 1
Michael Cohn continues to put up interesting and good stories on Accounting Today. If you are like me, I never thought I would be reading a publication like this. I never took an accounting class in my life. I basically hate numbers analysis, but can do it if I have too! That is just another drudgery… The Drudgery of the Numbers. Anyway here is the link to the story for your weekend reading.
Here is a brief comment I made:
It is a good April fools joke, but of course it is no joke. I am sure we have been number one in tax complexity and number pages of Tax Statutes (which is around 73,000 pages) for quite a long time. When it comes to numbers of pages for an income tax filing, 57,000 pages reported to be GEs filing, that certainly should make us proud. We’re NUMBER ONE, WE’RE NUMBER ONE…
What would be interesting, and I am sure more difficult to do, would be to see a Country by Country comparison on an “effective rate” basis. In spite of our high tax table rate, we know that the percent of tax collected as compared to GNP is at all time lows, so something isn’t adding up right. I have to believe that a lot of that has to do with credits, exemptions, deductions, adjustments, special provisions, loopholes, etc, etc, etc..