Just before the end of Fox's The Five, co-host Dana Perino informed viewers that as of April 2, the United States had the highest corporate income tax rate in the world, and promoted an organization called the RATE Coalition.
PERINO: OK, so I wasn't here Friday, and I think Eric had pointed this out, but today is the actual day that we're number one. But it's not necessarily something to brag about. This is -- these are foam fingers from -- wave 'em [unintelligible] everybody -- the RATE Coalition, which is Reforming America's Taxes Equitably. Today at midnight, America became the number one highest corporate tax rate in the world. They're having a contest on Facebook, and so we really want to get on it. And so check out RATECoalition.com.
On its "About Us" page, the RATE Coalition lists its mission and principles. They can be summarized in five words: Lower the corporate tax rate. The organization is co-chaired by Fox News contributor Jim Pinkerton, a fact that Perino failed to disclose.*
Perino and the rest of the Five crew had a little fun with the foam fingers from the RATE Coalition:
Of course, clever props can't distract from the fact that while our statutory rate may be high by international standards, the vast majority of American corporations pay a far lower rate. From a February article in The Wall Street Journal:
U.S. companies are booking higher profits than ever. But the number crunchers in Washington are puzzling over a phenomenon that has just come into view: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years.
Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That's the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008.
*Post has been updated