Politicians Fiddle While America’s Corporate Tax System Burns

KPMG has released its annual global survey of corporate tax systems. For the 10th consecutive year, the average corporate tax rate fell, and it is now down to 25.5 percent — and just 23.2 percent in the European Union!

In the United States, unfortunately, the corporate tax rates remains stuck at about 40 percent. Only one developed nation, Japan, has a more punitive regime.

That's something to keep in mind the next time a politician complains that jobs are going to China, where the corporate tax rate is 25 percent.