U.S. Corporate Tax Rate: Highest in the World

Japan, which had the highest corporate tax rate in the world at 39.8% rate on business income between national and local taxes, cut its rate to 36.8% this past April 2012. The U.S. corporate tax now stands at 39.2% when both federal and state rates are included, which puts us with dubious distinction of having the highest tax rate in the world!  (At least we are #1 at something!) Taxes do matter, and they are about to collapse our already fragile economy.  Please refer to the following graph.