The U.S corporate tax code is a hot button issue, with some arguing
for higher tax rates and others arguing for lower tax rates. No matter
which side you fall, one thing is certain: Companies have left the U.S.
for countries with lower tax rates. For example, Medtronic recently
announced plans to purchase Covidien and move the company's operations
to Ireland. While the official top marginal tax rate in the U.S. is 35
percent, a recent study
by S&P indicates that the effective corporate tax rate for the U.S.
in 2012 was 32.3 percent. By way of comparison, the effective tax rate
in Switzerland is 22.4 percent, in the U.K. it is 26.4 percent, and in
Spain it is 26.5 percent.
There is another interesting statistic in the article that we want to make sure that you didn't overlook. Overseas revenues now account for about 48 percent of all revenue earned by S&P 500 companies.
