As this weekend started the 35 day countdown to April 1, 2012, when Japan will lower its corporate tax rate, leaving the U.S. and our 35 percent corporate tax rate with the dubious distinction of having the highest corporate tax rate in the world, the RATE Coalition is outlining 35 reasons why Congress and the Obama Administration should both strive to achieve a rate that is, at a minimum, more in line with the international average for our competitors of 25 percent. The U.S. corporate tax rate should be no higher than the average rate of the companies, and countries, with which America competes.

The RATE (Reforming America's Taxes Equitably) Coalition, a group of 26 companies and organizations employing approximately 30 million people across all 50 states, released the list of 35 key facts as part of an initiative to highlight with policymakers and the public the consequences of the U.S. having the highest corporate tax rate in the world. As part of the effort, the RATE Coalition recently launched a countdown clock widget, counting down to the time when the U.S. becomes the world leader in the corporate tax rate.

"As other countries have lowered their rates over the last 25 years, the U.S. rate has remained static, failing to position the American economy competitively against foreign competition operating under much lower corporate rates," declared James P. Pinkerton, former White House domestic policy advisor to Presidents Ronald Reagan and George H.W. Bush. "A rate reduction, reducing the current, onerous 35 percent corporate tax rate currently levied on U.S. businesses is desperately needed to rekindle growth and jobs here in America."

The average global corporate tax rate is 25 percent, with rates as low as 8.5 percent in Switzerland and 12.5 percent in Ireland. The RATE Coalition believes that in order to effectively position the U.S. economy and the companies that drive job creation, innovation and expansion competitively in the global marketplace--tax reform including a meaningful reduction of the current 35 percent corporate tax rate -- and a simpler, more efficient system is required.

"Leading the world with the highest corporate tax rate and an overly complicated tax code is not a distinction we wish to have. Reforming the corporate tax code has wide bipartisan support and the momentum is there to get the job done and help create jobs in this country," stated Elaine Kamarck, former advisor to President Bill Clinton and Vice President Al Gore. "Every day during these 35 days should be a reminder of the opportunity for the President and Congress to reform and modernize our outdated corporate tax code."

The facts on why the U.S. needs to reform its corporate tax code:

-- The U.S. and Japan have the highest corporate tax rates in the OECD. Between 2000 and 2011, the U.S. suffered a loss of 46 Fortune Global 500 company headquarters. Japan lost a net of 39.

-- The OECD average corporate tax rate is 25 percent with rates as low as 8.5 percent in Switzerland and 12.5 percent in Ireland.

-- Reducing the corporate tax rate to 25 percent would create an average of 581,000 jobs in the U.S. annually from 2011 to 2020.