who has the highest corporate taxes in the world
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title: Economic policy of Donald Trump text: Associated Press noted that the individual tax burden in the U.S. is one of the lowest in the OECD economies. According to the Tax Foundation, the U.S. general corporate tax rate amounts to 39%, the third highest in the world. The nominal corporate tax rate of 35% is higher than any other OECD nation; however, many companies pay far below this amount by taking advantage of loopholes. The average company in the S&P 500 paid 26.9% in federal, state, local and foreign taxes each year from 2007–2015. An analysis by Lily L. Batchelder of New York University School of Law title: Apple Inc. text: of the Treasury of the United States of America with an effective tax rate of approximately of 26% as of the Second Quarter of the Apple Fiscal Year 2016. In an interview with the German newspaper FAZ in October 2017, Tim Cook stated, that Apple is the biggest taxpayer worldwide. In 2015, Reuters reported that Apple had earnings abroad of $54.4billion which were untaxed by the IRS of the United States. Under U.S. tax law governed by the IRC, corporations don't pay income tax on overseas profits unless the profits are repatriated into the United States and as such Apple title: Corporate tax text: one should also take into account the taxes on dividends paid to shareholders. For example, the overall U.S. tax on corporate profits of 35% is less than or similar to that of European countries such as Germany, Ireland, Switzerland and the United Kingdom, which have lower corporate tax rates but higher taxes on dividends paid to shareholders. Corporate tax rates across the Organisation for Economic Co-operation and Development (OECD) are shown in the table. Rates within the OECD vary from a low of 8.5% in Switzerland to a high of 34.43% in France, since the United States had recently decreased title: Corporate tax in the United States text: Corporate tax in the United States Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% due to the passage of the Tax Cuts and Jobs Act of 2017. State and local taxes and rules vary by jurisdiction, though many are based on federal concepts and definitions. Taxable income may differ from book income both as to timing of income and tax title: Corporate tax text: income for a given company at the same rate, but provide different rates of tax depending on income levels or size of the company. The United States taxes corporations under the same framework of tax law as individuals, with differences related to the inherent natures of corporations and individuals or unincorporated entities. Individuals are not formed, amalgamated, or acquired; and corporations do not incur medical expenses except by way of compensating individuals. Most systems tax both domestic and foreign corporations. Often, domestic corporations are taxed on worldwide income while foreign corporations are taxed only on income from sources within the