Tax Foundation, The Countdown is Over. We’re #1:

It’s official. After eight years of having the second-highest corporate tax rate among industrialized countries, the United States has now assumed the top spot following Japan’s scheduled corporate rate cut on April 1, 2012. Since 2001, Japan had levied the highest combined corporate tax rate among OECD nations at 39.5%, slightly higher than the 39.2% combined federal-state rate in the U.S. Japan’s new rate is 38.01%, which includes a temporary 10% surtax that will expire after 2014.

The attention given to the Japanese rate cut has overshadowed the fact that Great Britain also cut their corporate tax rate on April 1st from 26% to 24%, and will cut the rate again to 23% in 2013. Moreover, on January 1st of this year, Canada cut its federal corporate tax rate from 16.5% to 15%. Canada’s combined rate is about 26% when the average rate of the Canadian provinces is added to their federal rate.