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On Sunday, the United States gets a distinction no nation wants -- the world's highest corporate tax rate.

Japan, which currently has the highest rate in the world -- a 39.8% rate on business income between national and local taxes -- cuts its rate to 36.8% as of April 1. The U.S. rate stands at 39.2% when both federal and state rates are included.

"The change in and of itself is not that important, but there's some symbolism involved in being the highest in the world," said Eric Toder, co-director of the Tax Policy Center, a non-partisan think tank. "There's certainly been a long-term trend of our rate getting higher relative to everyone else."

But despite the headline number, the statutory rate only tells part of the story.

Loopholes and other special treatment for different kinds of businesses mean that businesses pay an effective rate of only 29.2% of their income, which puts the United States below the average of 31.9% among other major economies, according to analysis by the Treasury Department.

And the Organization for Economic Cooperation and Development, the multinational group that tracks global economic growth, estimates the United States collects less corporate tax relative to the overall economy than almost any other country in the world.

Tax reform: Why it's so hard

Some economists argue that tax collection relative to gross domestic product is the more relevant measure. That's because different accounting rules around the world mean what's counted as income in one country isn't counted in another, making comparisons of tax rates misleading.

Still, both Democrats and Republicans argue that the corporate tax rate should be lowered as a way of promoting greater economic growth, so that multinational companies have incentive to invest more in their U.S. operations than overseas. President Obama has proposed cutting the corporate rate to 28%, Republican challenger Mitt Romney proposes a 25% rate.

Both sides are in agreement for the need to reduce the loopholes and other exemptions that shield companies from paying taxes on all their income. That kind of reform could increase corporate tax collections, or at least leave them unchanged, even with a lower rate.

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U.S. corporate tax rate poised to become highest

Jersey remains the highest rated offshore financial centre, as ranked by an international survey

The Global Financial Centres Index (GFCI) is published every six months and ranks countries in a number of financial categories, including private banking and wealth management. Jersey is ranked 21st overall in the world, ahead of Guernsey in 31st and the Isle of Man (Other OTC: MAGOF.PK - news) in 44th place. Jersey is the only offshore jurisdiction to feature in the top 10 rankings of industry sectors and also ranks higher than onshore competitors such as Luxembourg and Dublin.

"This is hugely encouraging and helps reinforce our standing and reputation for financial services globally," said Geoff Cook, chief executive of Jersey Finance Limited. "It is also significant that the authors of the report have concluded that the reputation of offshore centres is continuing to improve."

Jersey, Guernsey, the Cayman Islands, the British Virgin Islands, the Isle of Man, Gibraltar and Mauritius have all made gains in the ratings compared to September 2011. Dublin, Milan, Madrid, Lisbon and Athens were all down in GFCI 10 and again in the latest survey.

London, New York (Frankfurt: A0DKRK - news) and Hong Kong continue to top the GFCI report by think-tank Z/Yen Group. The survey ranks 77 financial centres overall, with ratings for Shanghai, Beijing and Shenzhen all declining overall in the latest edition. Since its inception in 2007, more than 100,000 assessments from over 6,000 respondents have used to built the index.

Jersey is ranked at number 18 in the world for reputation, the only offshore jurisdiction in the top 20 of this sector. But the Island's best result was in wealth management and private banking, where it was ranked eighth in the world, just below Zurich and Toronto and ahead of Vancouver and Tokyo.

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Jersey tops offshore finance centre poll again

By Belinda Cao - Tue Mar 27 23:03:15 GMT 2012

Solar stocks led a decline in Chinese shares traded in New York on speculation that Italy will follow Germany in cutting subsidies to the industry, dimming the outlook for global installations.

LDK Solar Co. tumbled the most in four days while Trina Solar Ltd. (TSL) dropped to a two-week low. The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. lost 0.3 percent to 105.42 yesterday, falling for the first time in three days. China Petroleum & Chemical Corp., Asias largest refiner, traded at its biggest discount to Hong Kong shares in three months.

Italy, the worlds second-largest solar market, is proposing to cut its industry subsidy by 50 percent, Citigroup Inc. technology analyst Timothy Arcuri said in a research note e-mailed yesterday, citing a first draft of the European nations fifth energy plan that the bank had obtained. Germany, the biggest solar market, will reduce aid to the industry by as much as 29 percent from April 1.

Solar stocks trading reacted to the news on the subsidy cut in Italy where solar sales normally offer manufacturers higher margins, Chris Kettenmann, an analyst at Miller Tabak & Co LLC in New York said by phone yesterday. The reductions in subsidies in Germany and Italy would be absorbed by cost cutting at Chinese solar makers.

The iShares FTSE China 25 Index Fund, the biggest Chinese exchange-traded fund in the U.S., retreated 0.2 percent to $37.25, after climbing the most in two weeks on March 26.

LDK, a solar wafer producer based in Xinyu in Jiangxi province, slid 5.4 percent to $4.24, the biggest daily drop since March 21. Trina, Chinas fifth-largest solar-panel supplier based in Changzhou in the eastern Jiangsu province, lost 2.7 percent to $7.44, the lowest level since March 12. Suntech Power Holdings Co., the worlds largest solar-panel maker, sank 1.6 percent to a two-week low of $3.05.

The cost of photovoltaic subsidies in Italy is higher than Citigroup had estimated, Arcuri said, citing the Italian energy document. The plan indicates a significant slowdown in the market, and the ongoing ad-hoc nature of cuts in Germany and Italy means financing for big projects in Europe will remain challenging, analysts led by Arcuri wrote in the report.

American depositary receipts of China Petroleum & Chemical Corp. (SNP), known as Sinopec, retreated 0.9 percent in its first decline in three days, to $112.40 as oil futures rose for a third day on the New York Mercantile Exchange. The ADRs, each representing 100 common shares in Sinopec, traded 1.3 percent below its Hong Kong stock, the biggest discount since Dec. 19.

The company, Asias largest refiner, added 0.8 percent to HK$8.84 in Hong Kong, or $1.14 per share, while shares climbed 0.1 percent to 7.45 yuan in Shanghai trading, the equivalent of $1.18.

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Web Stocks Rise on Consumption Boost Prospects: China Overnight

If you have a questionable sense of humor with some disposable income to your name, here's something you can do: buy wrong website domains that totally look like the real thing. Like rnicrosoft.com for microsoft.com See what I did there? It's like wearing a fake Rolex but on the Internet.

Some peopl won't even notice the difference! M-named websites are the easiest to fool people with because of how the letters r and n look right next to each other. It works for rnacys.com, rnlb.com, rntv.com, rncdonalds.com and rnyspace.com (though you might not want to spoof that last one). In fact, some people think it's such a good idea to buy lookalike websites that they're marking up these Folex website prices by a ton, rnicrosoft.com is actually being sold by Sedo, a domain marketplace, for $4,668. If you want a good fake, it's gonna cost you.

What other fake imposter websites could you try to buy? Goog1e.com and App1e.com aren't available though you could steal E5PN.net for 10 bucks. Same with Turnblr.net and irndb.com. Y0utube.com and Arnazon.com are not for sale which goes to show how hard it is to get a good fake these days. That's why it's so fun to find a good one. Like Gizrnodo.com for 10 bucks a year. You didn't hear it from me. [SEDO via @mikko]

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Buying rnicrosoft.com and Other Fake Websites Is the Internet Equivalent of Wearing a Folex [Websites]

Hazardous Materials Safety Administration at U.S. Department of Transportation (DOT), attends the Sunday performance. (Yang Chen/The Epoch Times)

WASHINGTONShen Yun Performing Arts portrayal of the vast history of China along with its wealth of stories and history enthused audience members who saw it at the Kennedy Center Opera House in Washington D.C. on Sunday, March 25.

Vanessa Allen Sutherland, the Chief Counsel with the Pipeline and Hazardous Materials Safety Administration at U.S. Department of Transportation (DOT), attended the performance, and said it is remarkable.

Mrs. Allen said she loved the costumes, the choreography, and I love the Chinese story-telling thats woven into the performances, adding that the performance mesmerized her.

Shen Yun has said that it aims to bring back the 5,000-year-old culture of China, using performing arts and music as its main mediums of expression.

This is a great opportunity to see a different type of music it is wonderful for me, she said.

While classical Chinese dance is the focal point in each performance, Shen Yun has a unique orchestra that joins together Western and Chinese instruments that plays along with each piece, the companys website states.

And each of Shen Yuns pieces generally have a message or a story that goes along with it, the company states.

I really very much appreciated the fact that the stories have a lesson, but theyre fun and their meaningful and their passionate, Mrs. Sutherland said.

She added, I love the fact that there is a message and a spiritual grounding in these stories It is really remarkable.

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Chief DOT Counsel Calls Shen Yun ‘Remarkable’