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Disadvantages Of Taxes In The United States

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Have you been thinking about incorporating outside of the United States?Read more…
Many people question incorporating in the United States due to the large taxes that they face, instead businesses who are incorporating choose to do so overseas because of the tax advantages instead of disadvantages. According to the Tax Foundation, an independent tax policy non-profit, "The worldwide average top corporate income tax rate, across 188 countries and tax jurisdictions, is 22.5 percent."

The tax foundation states that the United States has the top third corporate tax rate, according to the same findings. "The United States, with a combined top marginal tax rate of 38.9 percent (consisting of the federal tax rate of 35 percent plus the average tax rate among the states), has the third highest corporate income tax rate in the world, slightly behind Puerto Rico." This is a big negative for many who want to incorporate in the United States because other countries have low corporate tax rates making them more desirable. …show more content…

"The worldwide average corporate tax rate has declined since 2003 from 30 percent to 22.5 percent," according to the Tax Foundation. So does that mean the United States will be an ideal place to incorporate if averages are declining all over?

There are many benefits to incorporating in the United States on the contrary. Some of the states you can file in have the most pro-business statues you will come across and have lower corporate filing fees then expected. Popular states where people often file in include Delaware and Nevada because they're known for their low corporate fees and filing fees.

See our post on incorporating in Delaware

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Simply put, the lower the cost per dollar, the more efficient the agency is in regards to collection costs (Tuerck 7). From these two assumptions can be made: one, the Texas Comptroller’s office is extremely efficient in term of administrative costs and secondly, because of this, the State could potentially consider remitting more funds back to local governments, rather than retaining a higher collection fee. Local governments aren’t the only entities that see a high cost when handling sales taxes. Individuals and businesses also bear a cost through the time and cost that it takes to fill and pay taxes on a monthly and annual basis. While the scholars have varying costs as to the cost of filing taxes, the average cost varies between $85 billion to $100 billion a year (Tuerck 7).

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