A race where we don't want to be at the top

The OECD released information (which was covered in as diverse a set of places as Tax Prof Blog or the WSJ or the
Tax Foundation) - the simple fact here is that the US is increasingly an outlier here among the developed nations of the world - our corporate tax rates are among the highest. In a global economy, this is not a place we need to be.

The problem has developed from inattention. Most other developed nations, and a lot of the developing ones, have recognized the inherent issues with corporate taxes and have moved to simplify and lower rates. To date, no one in the political spectrum has recognized this as something we should do, at least among the political class.

The OECD suggests that countries who want to have robust growth move away from income taxes - which long ago Adam Smith warned were distortive - and more to consumption based tax systems.