This information is taken directly from the website ChrisBanescu.com.
Chris is an attorney, entrepreneur, writer, speaker, and university professor. He is an ethics and business management specialist with an entrepreneurial spirit and passion for excellence.
His career experience spans Fortune 500 corporations, traditional and online universities, small and medium-sized companies, and several Internet ventures. He earned a Bachelor of Science degree in Business Administration and Marketing from New York University and a Juris Doctor degree from Southwestern University School of Law.
Comparing US Corporate Tax Rates to the World's Largest Economies (2008)
The United States is the world's largest economy. When compared to the next 14 countries that represent the world's largest economies (number 2 through 15) by gross domestic product (GDP) as of 2008, here's how the US stacks up. (Wikipedia & CIA World Factbook)
| Overall Rank | Country/State | World GDP Rank (2008) | Combined Federal and State Rate (Adjusted) (a) | US Rank | |
| Iowa | 41.6 | 1 | |||
| Pennsylvania | 41.5 | 2 | |||
| Minnesota | 41.4 | 3 | |||
| Massachusetts | 41.2 | 4 | |||
| Alaska | 41.1 | 5 | |||
| New Jersey | 41.1 | 6 | |||
| Rhode Island | 40.9 | 7 | |||
| West Virginia | 40.9 | 8 | |||
| Maine | 40.8 | 9 | |||
| Vermont | 40.8 | 10 | |||
| California | 40.7 | 11 | |||
| Delaware | 40.7 | 12 | |||
| Indiana | 40.5 | 13 | |||
| New Hampshire | 40.5 | 14 | |||
| Wisconsin | 40.1 | 15 | |||
| Nebraska | 40.1 | 16 | |||
| Idaho | 39.9 | 17 | |||
| New Mexico | 39.9 | 18 | |||
| Connecticut | 39.9 | 19 | |||
| New York | 39.9 | 20 | |||
| Kansas | 39.8 | 21 | |||
| Illinois | 39.7 | 22 | |||
| Maryland | 39.6 | 23 | |||
| North Dakota | 39.6 | 24 | |||
| 1 | Japan | 2 | 39.54 | ||
| Arizona | 39.5 | 25 | |||
| North Carolina | 39.5 | 26 | |||
| Montana | 39.4 | 27 | |||
| Oregon | 39.3 | 28 | |||
| 2 | United States | 1 | 39.27 | ||
| Arkansas | 39.2 | 29 | |||
| Tennessee | 39.2 | 30 | |||
| Washington * | 39.2 | 31 | |||
| Hawaii | 39.2 | 32 | |||
| 3 | Germany | 4 | 38.9 | ||
| Michigan * | 38.9 | 33 | |||
| Georgia | 38.9 | 34 | |||
| Kentucky | 38.9 | 35 | |||
| Oklahoma | 38.9 | 36 | |||
| Virginia | 38.9 | 37 | |||
| Florida | 38.6 | 38 | |||
| Louisiana | 38.5 | 39 | |||
| Missouri | 38.4 | 40 | |||
| Ohio | 38.3 | 41 | |||
| Mississippi | 38.3 | 42 | |||
| South Carolina | 38.3 | 43 | |||
| Utah | 38.3 | 44 | |||
| Colorado | 38 | 45 | |||
| Alabama | 37.8 | 46 | |||
| 4 | Canada | 11 | 36.1 | ||
| Texas * | 36.0 | 47 | |||
| Nevada | 35.0 | 48 | |||
| South Dakota | 35.0 | 49 | |||
| Wyoming | 35.0 | 50 | |||
| 5 | France | 5 | 34.4 | ||
| 6 | Brazil | 10 | 34 | ||
| 7 | Italy | 7 | 33 | ||
| 8 | India | 12 | 33 | ||
| 9 | Spain | 9 | 32.5 | ||
| 10 | Australia | 14 | 30 | ||
| 11 | United Kingdom | 6 | 30 | ||
| 12 | Mexico | 13 | 28 | ||
| 13 | South Korea ** | 15 | 27.5 | ||
| 14 | China | 3 | 25 | ||
| 15 | Russia | 8 | 24 | ||
| Overall Rank | Country/State | World GDP Rank (2008) | Combined Federal and State Rate (Adjusted) (a) | US Rank | |
| *Michigan, Texas and Washington have gross receipts taxes rather than traditional corporate income taxes. For comparison purposes, we converted the gross receipts taxes into an effective CIT rate. See Tax Foundation Notes (link below) for methodology. | |||||
| ** On June 3, 2008, South Korea's Ministry of Strategy and Finance announced that it will cut the maximum corporate tax rate from 25% to 22% to stimulate economic growth. (Source: Xinhua) | |||||
| (a) Combined rate adjusted for federal deduction of state taxes paid | |||||
Data compiled from:
http://www.taxfoundation.org/publications/show/22917.html
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
Source: OECD, http://www.oecd.org/dataoecd/26/56/33717459.xls
Chris Banescu | International Business, Competitiveness, Taxation |
This is something we need to consider as we look at pending tax proposals. We will not prosper unless our products can compete in a global market, and excessive taxation of corporations will not allow that to happen.
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