Would Corporations Feel Effects of Higher Tax Rate?

The United States could soon have the highest corporate tax rate in the world, however with the large number of tax breaks and loopholes, corporations will likely continue to pay less taxes than their international counterparts. Wall Street and finance reporter for The New York Times, Louise Story reports on whether changes will come to the U.S. tax code. Currently the corporate tax rate is 35 percent in the United States with Japan being the only country to top that rate, at 39.5 percent. However, as Washington grapples with the deficit, there is discussion as to whether spending cuts need to be accompanied by tax increases.