Tax Cuts For Everyone But Americans
July 21, 2000
Politicians in countries throughout the world are falling all over one another to enact supply-side tax cuts to energize their economies and give their fellow citizens some tax relief. Economist Lawrence Kudlow says President Clinton may feel like the odd man out among his tax-cut-minded colleagues at the global economic conference.
For instance, Reagan-style tax cuts are being implemented by left-liberal German Chancellor Gerhard Schroeder -- to the approval of both the Red and Green wings of his party.
- Germany's top personal tax rate will be reduced to 42 percent from 53 percent, the corporate tax will drop to 38.6 percent from 56 percent and the 50 percent capital gains tax on sales of corporate cross-shareholdings will be abolished.
- In France, socialist premier Lionel Jospin has pledged to cut the income tax from 54 percent to 44 percent.
- And Russian President Vladimir Putin wants a 13 percent flat tax.
Tax cuts are also being discussed in Mexico, Canada, Sweden and Russia, says Kudlow.
Source: Lawrence Kudlow (ING Barings LLC), "Tax Cuts Sweep World: Why Won't U.S. Follow?" Investor's Business Daily, July 21, 2000.
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