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It's that time of year again: tax-filing season. Millions of Americans are probably downloading the latest version of their tax preparation software as we speak or picking it up at their local software store.
WASHINGTON – The question at the heart of President Barack Obama's recent directive ordering the Treasury Department to pump the brakes on U.S. companies gobbling up smaller foreign businesses to take advantage of a friendlier overseas corporate tax climate is whether America's corporate tax rate is too high.
For those who may have missed the news, Obama last week effectively killed a $160 billion merger involving New York-based pharmaceutical giant Pfizer, which had agreed to buy Dublin-based Allergan. The transaction would have let Pfizer move its legal domicile from the U.S., home to a 35 percent corporate tax, to Ireland and that nation's 12.5 percent tax rate.