Here’s a shocker. In the Forbes annual ratings of the best countries to do business, the United States has slipped again. In 2009 we were in 2nd place, now we’re in 12th. Just wait until Obama has had four more years and see how bad it gets.
The U.S. continues to lose ground against other nations in Forbes’ annual look at the Best Countries for Business. The U.S. placed second in 2009, but it has been in a steady decline since. This year it ranks 12th, down from No. 10 last year. The U.S. trails fellow G-8 countries Canada (No. 5), United Kingdom (No. 10) and Australia (No. 11).
Corporate taxes continue to put a damper on American businesses. Following a tax cut in Japan this year, the U.S. now has the highest statutory corporate tax rate in the world. The effective rate is much lower thanks to numerous breaks, but owning the highest published rate makes for poor perceptions.
It is not just the rate that hinders the U.S., but also the complexity of the tax code. The typical small or medium-size business requires 175 hours a year to comply with U.S. tax laws, according to the World Bank. Overall the U.S. ranks 55th out of the 141 countries we examined in terms of its tax regime. The world’s biggest economy at $15.1 trillion, it also scores poorly when it comes to trade freedom and monetary freedom. (Read More)
New Zealand now tops the list.
I can’t help but think about all of those people complaining that their hours are being cut thanks to Obamacare, and wondering why they didn’t do their homework before voting. (Note, getting your news from ABC, CBS, NBC, MSNBC and CNN does not count as doing your homework. Also, when businesses do well, they are able to hire more workers. Just in case you’re new to this.)
In related news, things are not getting much better in Europe. There was another day of unrest today, with riots breaking out all over the place because the governments are running out of money. CEO’s in France are begging for some help now that the new socialist president has raised taxes on the rich. They say the economy is falling behind all of those other places where riots are breaking out. Oh, and don’t forget about Greece, where they’re dealing with massive outbreaks of disease thanks to the fiscal situation. And here we are in the United States, following the European path. The insanity continues.