The U.S. currently levies a 35% tax rate at the federal level and an average tax of 4% at the state and local level. The average corporate tax rate worldwide is 22.6%. Opponents of argue that raising the rate will discourage foreign investment and hurt the economy. Proponents argue that the profits corporations generate should be taxed just like citizen’s taxes. Corporate tax should be determined in comparison to other countries since now, we are in a global economy and competition with other countries. On top of this, the other competition is the currency. In the US, we keep our dollar propped up with interest rate manipulation from the fed and through it being tied to oil. If countries cannot afford to buy our products, how will manufacturing come back to this country?
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