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The United States is in a recessionit has been facing some of the worse economic times since the Great Depression in the 1930s One option to fix the economy is to change the corporate tax rate To lower it or to raise it that is the question economists have been speculating Americas high corporate tax rate and worldwide system of taxation discourages US companies from sending their foreign-source revenue home which makes US companies defenseless to foreign acquisition from the international opponents Camp Corporations and United States citizens have been fighting for a tax reform which would hopefully help the American economy either by lowering the corporate tax or by raising the taxThe United States corporate tax rate is one of the highest tax rates in the world at around 35 percent Only Japan has anelevated corporate tax rate than The United States which has a collective federal-state rate of 392 percent Camp However Japan has already indicated its objective to decrease its rate Japans Prime Minister Naoto Kan explained the reason for the tax reduction By daring to go with a 5 percent reduction we will spur companies to invest domestically expand employment and raise wages That will stimulate the domestic economy support growth and shake off deflationTabuchi Japans new Finance Minister Jun Azumiwants to carry out a corporate tax cut as proposed by the government earlier and give incentives for Japanese firms to keep operating in the country despite the recent sharp rise of the yen Since the proposal to lower Japans corporate tax rate in late 2010 unemployment has decreased from 51 to 41 proving that corporations will higher more if taxes are lower TabuchiThe US tax rate on corporations is so large that companies choose not to pay the taxes Recently Corporations have preferred to move across seas to countries with lower tax rates called tax havens to keep themselves economically competitive with other corporations headquartered across the globe A tax
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