Americans like to think of their country as a haven for entrepreneurs. But increasingly the ability to grow a business is clashing with the reality of an uncompetitive tax climate.
The latest evidence comes from the Tax Foundation, , ranking the tax policies of the 34 nations in the OECD. Incredibly, the United States ranks 32nd.
“The largest factors behind the United States’ score are that the U.S. has the highest corporate tax rate in the developed world and that it is one of the six remaining countries in the OECD with a worldwide system of taxation,” the Tax Foundation explained.
Despite the fact that the U.S. tax code is increasingly out of date, it’s been nearly 30 years since major changes were made.
Other nations have shown an ability to respond to competition. The U.S. needs to act as well.
