Tax Update Blog: Permalink

« Previous · Tax Update Blog Home · Next »

IOWA: FIRST IN THE NATION WORLD

March 21, 2008

It's not just caucuses. Iowa is first in the nation in corporate tax rates. From a new Tax Foundation study:

Many states impose state corporate income taxes at rates above the national average of 6.6 percent. Iowa, for example, imposes the highest corporate tax rate of 12 percent, followed by Pennsylvania's 9.99 percent rate and Minnesota's 9.8 percent rate. When added to the federal rate, these states tax their businesses at rates far in excess of all other OECD countries.
When compared to other OECD countries:

* 24 U.S. states have a combined corporate tax rate higher than top-ranked Japan.
* 32 states have a combined corporate tax rate higher than third-ranked Germany.
* 46 states have a combined corporate tax rate higher than fourth-ranked Canada.
* All 50 states have a combined corporate tax rate higher than fifth-ranked France.

But as Iowa is run by and for the public employee unions now, we should just smile and pay up.