U.S. Drops to 18th in Global Economic-Freedom Rankings: Are You Worried?

Our tax system is among the world's worst from a global competitiveness standpoint, quite possibly the worst. I am referring to the structure of our tax system, not the overall level of taxation. For instance:
1. Since Japan reduced its corporate income tax rate on April 1, we have the highest corporate income tax rate on the planet. We are one of the only nations on earth to resist the world-wide trend of reducing this important barometer of global competition over the past couple of decades.
2. We continue to tax our corporations on their world-wide income when repatriated to this country despite statements from well-placed executives that this is hurting our global competitiveness.
3. We have the most complex income tax system in the world and our compliance costs (estimated at $435 billion/yr in 2011) are astronomical and growing each year.
4. We are the only one of 34 OECD nations with no border adjustment element in our tax system. That means we have no mechanism for relieving the tax burden on US produced goods exported and no mechanism in most cases (because of the elimination of import tariffs via NAFTA, GATT and other trade agreements) for taxing imports.

As one Fortune 500 CEO said, you could not design a less globally competitive tax system if you commissioned a panel of experts to do so. Is it any wonder that unemployment has been stuck above 8% for several years now and shows no signs of subsiding any time soon?

Each (average) American should be at least mildly worried...

You better be deeply worried the printing press is still in action when the dollar isn't worth much now. Price of gas and we can't drill, food, insurance, what's next we're all going to be hungry.

Obama took on a nation of financially constipated people who have nothing to blame but themselves and the Republican excuse for a President they voted for, Dubyah.

Not worried, but it shows poor leadership.

I don't worry about much. But that largely stems from how I perceive worry.
Probably should be concerned, am a bit flumexed on how we managed to drop so far in such a short time.

Then have the thought, how can Obama claim to be doing a good job when the rest of the world is telling us he is failing.

AND THIS IS ON BO'S WATCH, HE CAN NOT BLAME BUSH FOR THIS!!!!

>AND THIS IS ON BO'S WATCH, HE CAN NOT BLAME BUSH FOR THIS!!!!

Quoting the first sentence of the article:

"The Fraser Institute report smacked U.S.A. down from 8th place a decade ago."

See the word "decade"? That means 10 years. Has Obama been president for ten years?
Who was president before Obama?

My apologies that I didn't show it to you in the form of a bunch of untruthful Jpegs.

And now we are 18th in less than 4 years. You read the article, nothing that I posted was untrue.

There's the problem the rich evil George Soros that broke other countries and is behind Obama and the media.

I know, there is a video or an article, probably both, about all he has done in the world to bring down governments and wreak havoc with financial manipulations.

It started with Clintons and Owebummer is gonna finish us off!

The democrats caused the financial meltdown like Maxine Waters, Barney Frank, Chris Dodd, Chas Schumer, Raines and other democrats. In 2003 Bush warned that Freddie & Fannie was in trouble again in 2006 Bush & McCain both both warned but the democrats denied it.

In 1995 a young lawyer name Obama sued Citibank for discrimination in lending practices. When Citibank sought federal approval for a merger with Travelers Group the Clinton administration gave its approval after Citibank provided $115 billion in loans for non-credit worthy home buyers. This number eventually was increased to $600 billion.

You are correct.

I hope he breathes in all that water!

yes, after we all piddle in it

Works for me!

You should change your avatar into a second grader; they love that potty humor.

another self appointed arbitrator of good taste and humor, bet you voted 'no'

People who make veiled death threats have serious mental issues. Seek mental help immediately.

Who is making death threats? You libs need to lighten up!

Hell yes! It is very upsetting. I know an economic collapse is inevitable and planned, that does not mean I want it. I have known about a collapse way before this article.

Anyone that has been paying any attention knew this would happen. All empires come to an end sooner or later. Hope folks took time to prepare for the collapse. Fiat currencies ALWAYS FAIL SOONER OR LATER.

The job of the board and management team is to make the bank as good as it can get. The strategic work done a few years ago has produced a judgement on what businesses we were good at and on what we were not. It was not a political decision; it was a business decision. The UK government wants to sell their share as soon as they can, at the highest price they can get. That means just having a good commercially focused bank. When we said we will concentrate our retail business in the UK, Ireland and the US, we had large retail operations and significant market share in these countries.

The right-wing Fraser Institute and it's worthless "economic freedom rankings" aren't even worth discussing. Their definition of "economic freedom" has nothing to do with actual freedom.

So because you consider this information coming from a right-wing source you are blowing it off??!! Cut off your nose to spite your face.

Unfortunately, that kind of "thinking" is rampant in our nation today. We have far too many people who want to immediately classify a position as either right-wing or left-wing and that classification (even when it's wrong) forms their entire basis for supporting or opposing it.

It sure beats using your brain, I guess.

No, I'm blowing it off because their definition of "economic freedom" is nonsense.

I'm not worried about this studies conclusions. They have nothing to do with economic freedom. The decline of unions does. The decline of environmental regulations does. The lack of enforcement of the Sherman anti-trust act does. Free trade does. The growing income disparity does.

It is a lost cause.

EXTREAMLY worried... ;(

I've never seen such a chicken sh&t; president. E doesn't even act like a president!

what worries me is that so called conservatives want to make this WORSE.

they want to WIDEN the income inequality gap

they want to WEAKEN the middle class

they want to REND the social fabric

Here's a new thought " IF YA WANT SOMETHING WORK FOR IT" I did and my company was built with my blood sweat and sacrifices and I'm not giving it to your as!

well a lot of ppl have given their lives and their bodies and have asked the families to sacrifice so we could have a free and civil society like we have... its still the best one on earth, in spite of repeated attempts to tear it down to the bones.

those ppl WORKED for something. Something that is the envy of the world.

WE are not giving it up for your sorry ass.

No u r giving it to Libya Egypt, Syria, Pakistan, China Want me to keep naming them? Dum ee

you just don't get it... its got nothing to do with other countires... and has EVERYTHING to do with THIS one.

but thankfully the rest of America DOES get it.

Any spending of my tax dollars concerns me and I have no problem taking care of Americans but the other counties can choke on their sand! We would have better after school programs, better housing for the poverty level ppl and more of everything for all of us. We cannot stop the flow to those other countries. You obviously don't know that we owe China billions and we are still giving the an immense amount of FREE money. Have you ever went on the government grant site and saw where a majority of our grants go? Yep over seas... Bet our disabled vets and others,with disabilities would like a small grant to get a business started. Also I have invented and manufactured products in America! You don't just invent and start making them... The patent process is expensive and long and if your not protected you will be knocked off overseas. I have never had a handout from anyone and I'm sick and tired of your prez getting me into debt and leaving my Americans last on the list to receive! YOU DON'T GET IT! And your prez is on the view and not at the UN as we speak!

to the extent that grants go overseas should be telling you something about how little we invest in our own country.

you think its foreign aid that is killing our internal investment and you are wrong (someone is lying to you).

what's killing our internal investment is loss of revenue from the corporate world and wealthy individuals.

which we will only get more of with Romney.

"austerity" is a rich man's word for stealing from the poor.