
James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Author: James F. McDonough
Date: September 23, 2014
Of Counsel
732-568-8360 jmcdonough@sh-law.comThe Tax Foundation, a think tank that examines issues of public tax policy, released a new report ranking the tax codes of the 34 developed countries in the Organization for Economic Cooperation and Development.
The U.S. was ranked poorly, coming in at number 31 out of 34, according to Business Insider. Estonia, New Zealand and Switzerland came in at Nos. 1, 2 and 3, respectively. Only Portugal and France were ranked below the U.S.
“The United States scores poorly largely because it maintains the highest corporate tax rate in the developed world at 39.1 percent and is one of the six remaining countries in the OECD with a worldwide system of taxation,” the Tax Foundation said, according to the news source. “Its poorly structured property, individual, and capital gains and dividends taxes also contribute to the low ranking.”
Estonia in particular was praised for having “the most competitive” tax code in the developed world, including a 21 percent tax rate for individuals and corporations. The U.S. corporate income tax is 35 percent, a level that has received criticism for being one of the highest in the developed world.
While the Tax Foundation maintains that it is non-partisan, a number of left-leaning figures have alleged that the think tank holds a conservative slant. Notably, Paul Krugman has accused the organization of a pro-business agenda in a piece titled, The Greek menace.
Whether the think tank maintains a slant or not, this recent report highlights the importance of taxation issues in America. Corporate inversions in particular have drawn heavy criticism for taking tax dollars out of the country. As the November elections draw closer, expect to see further rhetoric from all sides.
Interested in reading more about tax codes? Check out tax attorneys, Frank L. Brunetti’s Overhaul of Corporate Tax Code Proposed and Joseph M. Donegan’s Businesses Cite Tax Code Uncertainty as a Critical Problem
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Earlier this month, the U.S. Supreme Court issued a decision in Ames v. Ohio Department of Youth Services vitiating the so-called “background circumstances” test required by half of federal circuit courts.1 The background circumstances test required majority group plaintiffs pleading discrimination under Title VII of the Civil Rights Act to meet a heightened pleading standard […]
Author: Matthew F. Mimnaugh
Special purpose acquisition companies (better known as SPACs) appear to be making a comeback. SPAC offerings for 2025 have already nearly surpassed last year’s totals, with additional transactions in the pipeline. SPACs last experienced a boom between 2020–2021, with approximately 600 U.S. companies raising a record $163 billion in 2021. Notable companies that went public […]
Author: Dan Brecher
Merging two companies is a complex legal and business transaction. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process that involves important corporate governance considerations. A short form merger, in which an acquiring company merges with a subsidiary corporation, offers a more streamlined process. However, […]
Author: Dan Brecher
The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]
Author: Brian D. Spector
Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]
Author: Christopher D. Warren
*** The original article was featured on Bloomberg Tax, April 28, 2025 — As a tax attorney who spends much of my time helping people and companies who have large, unresolved issues with the IRS or one or more state tax departments, it often occurs to me that the best service that I can provide […]
Author: Scott H. Novak
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!