Tuesday, October 14, 2008
"U.S. Tax on Business, 40% - In Europe, 23%"
Depending on your personal view, America is still the world leader or has slipped somewhat.
In either case, to be a leader, you must do more or better than the other guys.
On the subject of taxes, we need to step it up; and, in this case, up is down...
In either case, to be a leader, you must do more or better than the other guys.
On the subject of taxes, we need to step it up; and, in this case, up is down...
Chris Edwards makes comparisons at CNSnews.com:
"Consider that 12 of the 30 nations in the Organization for Economic Cooperation and Development have capital gains tax rates of zero. Meanwhile, Congress is dithering about extending our 15-percent capital-gains tax rate. And note that while numerous industrial countries — including Australia, New Zealand, and Sweden — have abolished their death taxes, the U.S. death-tax rate is set to jump to 55 percent in 2011.
Even where the U.S. has instituted encouraging reform — such as the dividend tax rate cut of 2003 — it lags behind its peers. Most OECD countries have lower tax rates on dividends when you measure the total combined corporate and individual burdens. The combined U.S. dividend-tax rate is 49 percent including state taxes — substantially higher than the OECD average of 43 percent.
Corporate tax rates offer an even more striking comparison. Our high rate of 40 percent is a neon sign advertising America’s hostility to job-creating capital. U.S. policymakers sat on their hands as the European Union slashed the average corporate tax rate from 38 percent in 1996 to just 23 percent today. If a country stands still in today’s global economy, it falls behind, ..."
