James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Tax Foundation Ranks US Tax Code 31 Out of 34 Developed Nations
Author: James F. McDonough
Date: September 23, 2014
Key Contacts
Back
The 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
- Practices: Tax and Trusts & Estates
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
Estate Planning for Digital Assets Under New Jersey Law
As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
Author: Marc J. Comer
The Role of Representation and Warranty Insurance in M&A Transactions
In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
Author: George McGowan
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: George McGowan
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Author: George McGowan
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Author: George McGowan
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
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.