August 10, 2009

Time for Corporate TEA Parties

The TEA in TEA parties stands for Taxed Enough Already. According to this post from TaxProf, it looks like American businesses should be joining the TEA Partiers on the picket lines.

The US has the second highest corporate taxes in the industrialized world: behind only Japan. And it's not by much, American corporate tax rates are at 39.1% while Japan's are at barely higher rate of 39.6%. Everybody else? Well, their weighted average is 26.5%.

Not only is that putting American businesses at a significant disadvantage in global trade, it's also causing higher prices domestically. Corporate taxes are all ultimately paid by consumers in the form of higher prices. It's just another way that the government is taking a bite out of every dollar you earn.

And now they're coming for your healthcare...

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