By Terence P. Jeffrey | March 9, 2017 | 9:36 AM EST
(CNSNews.com) – The United States has the highest top statutory corporate tax rate—39.1%–of any nation in the G20, according to a study released Wednesday by the Congressional Budget Office.
That rate is nearly twice as high as the 20-percent rate in Russia, which, along with Saudi Arabia and Turkey, has the lowest statutory corporate tax rate in the G20.
The U.S. won the top spot on the statutory-corporate-tax-rate list after Japan and Germany, which formerly ranked first and second, cut their rates.
“The United States made no change in federal corporate tax rates between 2003 and 2012,” said the CBO, “and by 2012, it had the highest top statutory rate in the G20.”