The U.S. is set to have the highest combined federal and state statutory corporate tax rate in the industrialized world on Sunday, April 1, once Japan drops its top rate to 38.1 percent.

While the U.S. corporate tax rate at the federal level is a maximum of 35 percent, tax cut proponents argue that the combined federal, state and local tax rates amount to 39.2 percent, beating Japan’s newly lowered rate.

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