Although it is a more stable, secure and adaptable business model, Nintendo’s strategy of accurately reporting revenue, producing large profits and saving these profits for future investment is (very) rare in the business world. A large portion of the reason is that the way taxes are structured discourages the reporting of profits, and encourages companies to take on debt to make investments. By drastically cutting (or eliminating) corporate taxes and eliminating the interest tax deduction corporations throughout the economy would become more competitive, and economic growth would be more sustainable.
On the level of an individual, high income taxes act as a disincentive to producing income through working, high capital gains taxes act as a disincentive to producing income through investing, and high sales taxes act to discourage consumption. If you want to become a country that has an export driven economy rather than an import driven economy you should focus on lowering income and capital gains taxes and increase sales taxes.
With that said, as much as I see problems with the make-up of how the United States (and most western countries) are collecting taxes the real problem is their level of spending. In practical terms total government expenditure should probably not be greater than 25% of GDP, and the break-up of expenditure should be heavily weighted towards locally delivered services (12.5% municipal/county, 7.5% state/province, 5% federal); in the US currently government spending is around 45% of GDP and it is heavily weighted towards the federal government (12.5% municipal/county, 10% state/province 25% federal, -2.5% government transfers). Stats from: http://www.usgovernmentspending.com/downchart_gs.php?year=1903_2010&units=p
When the federal government is (realistically) spending about 5 times what it should and is running a budgetary defict of (roughly) 40% of its total budget it is fair to say that spending (not taxes) are the problem