Some good news on the tax cutting front: Last week lawmakers approved an 8.9 percentage point reduction in the corporate income tax rate. Too bad the tax cutters are Germans, not Americans. There's a trend here. At least 25 developed nations have adopted Reaganite corporate income tax rate cuts since 2001. The U.S. is conspicuously not one of them. Vietnam has recently announced it is cutting its corporate rate to 25% from 28%. Singapore has approved a corporate tax cut to 18% from 20% to compete with low-tax Hong Kong's rate of 17.5%, and Northern Ireland is making a bid to slash its corporate tax rate to 12.5% to keep pace with the same low rate in the prosperous Republic of Ireland. Even in France, of all places, new President Nicolas Sarkozy has proposed reducing the corporate tax rate to 25% from 34.4%. What do politicians in these countries understand that the U.S. Congress doesn't?
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We should be reducing the taxes for businesses that remain in
the United States and hire American workers (as opposed to illegal aliens) and
prohibit former American businesses from doing business in the United States if
more than 20% of their labor force is located overseas or is immigrant or
imported labor. All investment taxes should be cancelled on any investors
with assets less than $150,000.
HJS
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