Business Report: How U.S. taxes compare to other countries - Hawaii News Now - KGMB and KHNL

Business Report: How U.S. taxes compare to other countries

Image: Hawaii News Now Image: Hawaii News Now
HONOLULU (HawaiiNewsNow) -

President Trump has repeatedly said we are the highest-taxed nation in the world. And perhaps you thought, really? More than Sweden or France? More than socialist countries? The truth is, the president to the contrary, we are not the highest-taxed nation. We are not one of the highest-taxed nations. We are not even taxed above-average.

The OECD average is 34% of a country GDP. Our combined taxes is 26%. Nations with lower taxes: Korea, Chile and Mexico. Higher, but close to ours: Switzerland, Australia and Turkey. Japan is around 30%, and Canada. Around 40% of more: Norway, Sweden, Austria, Italy, Finland, Belgium, France, Denmark.

America does have the highest corporate tax rate, 39%. But there are so many exemptions, the effective rate is 29%. The problem with our corporate tax structure is not that taxes are too high, but that they vary too much, treating some industries kinder than others, and that actually is something that should be fixed.

Copyright 2017. Hawaii News Now. All Rights Reserved.

Powered by Frankly