Did you know that U.S. businesses are taxed at one of the highest rates in the developed world? How bad is it? And why should you care? Watch this short video to find out.
This video is part of a collaborative business and economics project with Job Creators Network. To learn more about JCN, visit https://www.jobcreatorsnetwork.com.
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No matter where you come from, what your job is, or where you stand politically, you have to pay taxes. Uncle Sam needs taxpayer dollars to pay for things like schools, fire fighters, and the military.
There are all sorts of different taxes: income taxes, payroll taxes and sales taxes just to name a few. But individuals aren’t the only ones who pay taxes—businesses pay income taxes too.
Businesses that are set up as corporations pay taxes on their income at the US corporate tax rate of around 35 percent—one of the highest in the developed world. Countries like Ireland and Switzerland have corporate tax rates well under 25 percent, which can give companies based there a competitive advantage.
But there’s another taxed group that we’re forgetting…smal…