![]() Maximum personal income tax rates, for instance, are 23 percentage points lower today in developed nations than they were back in 1980. They know the geese that lay the golden eggs will fly away if they impose bad tax law. This is why so many nations had to lower personal income tax rates after the Thatcher and Reagan rate reductions - and why many nations have been lowering tax rates on business in response to Ireland's incredibly successful 12.5 percent corporate tax. Certain politicians still believe in high tax rates, of course, but they feel compelled to move in the opposite direction since it is now increasingly easy for labor and capital to escape oppressive tax regimes by crossing national borders. ![]() Thanks to globalization, many nations are adopting better tax policies in the last decades.
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