One reason is that many corporations, despite claims to the contrary, don’t mind a complex tax code with a high statutory rate — often because few large companies pay anything close to 35 percent.

Regarding the statutory tax rate, the tax base is too narrow in Japan.

Whether it's China lowering its statutory corporate income tax rate from 33% to 25% in 2008, or the U.S. cutting corporate income taxes from 39% from 35%, companies rarely ever pay the full load.