James Pethokoukis notes that according to a new study by the Tax Foundation, the United States:
… has the 32nd most competitive tax code out of 34 advanced economies
One interesting datum from the study that, as Pethokoukis writes, “many might find surprising”:
When including state and local taxes, the U.S. has a top marginal income tax rate of over 46 percent, which is 5 percentage points above the OECD average of 41 percent.
If there is any solace to be taken from the report, it would be in the fact that we still aren’t as bad (i.e. “confiscatory”) as France:
France has the least competitive tax system in the OECD. It has one of the highest corporate tax rates in the OECD at 34.4 percent, high property taxes that include an annual wealth tax, and high, progressive individual taxes that also apply to capital gains and dividend income.
