The differences between industrialized, transitioning, and emerging countries are great, especially from a taxing and economic standpoint. “The terms industrialized or developed countries generally refer to the member countries of the Organization for Economic co-operation and Development (OECD) – they are also often referred to as the First World” ("Industrialized vs. developing," 2014). Member nations of the OECD fundamentally compete with all nations of the world. However, their direct competitors with respect to tax and business competitiveness are the assortment of other OECD nations. Currently, there are 34 OECD participants. This number represents just fewer than 20% of the 196 countries in the world today.
Moreover, globalization created a taxation dilemma for many OECD nations, which still persists todays. The question is: how does a nation treat its domestic firm’s income when it’s earned from overseas activity? Currently, there are two taxing structures, which governments’ use one or the other. The United States imposes what is called a “Worldwide” taxing system. “A corporation headquartered i...
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...cognized the changing competitive global landscape and have responded appropriately. Specifically, a lower rate would enormously help U.S. corporations, since U.S. businesses inversions occur specifically to avoid the high rate.
A nations taxing system characteristically has five features that make it either competitive for business activity or greatly uncompetitive. A nations corporate rate, consumption tax, property tax, individual tax, and its international (global or territorial) are these features. The United States has two areas where it has greatly straggled as we have noticed – its global and corporate rate. Although the consumption tax portion is highly competitive, it is not enough unaided to offset the overall system. Thus, we can unquestionably claim that the U.S. tax system needs desperate reforms, since the last major overhaul twenty-eight years ago.
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