IF THEY'RE SERIOUS ABOUT GROWTH WHY NOT PERMANENTLY SET IT AT 0% (via Tom Corcoran):

E.U. panel pushes for corporate tax (MarketWatch, Oct. 27, 2005)

The European Union's executive branch has proposed a common corporate tax code for all 25 member nations, according to a media report Thursday.

The proposal from the European Commission, the E.U.'s executive branch, has drawn opposition from the United Kingdom, Ireland and some other E.U. governments, The Wall Street Journal reported in its online edition.

The proposal, which must be approved by all 25 member governments, would establish common criteria for taxation but not set rates, according to The Journal.

The Journal said the commission is planning to lobby hard for the next four years for measures that will create the basis for a common European tax policy, including lowering taxes on research and development, computerizing customs controls, allowing financial-services companies to reclaim value-added tax and setting bloc-wide criteria for taxing cars.

"The proposed measures will not limit fair competition in setting tax rates," The Journal quoted E.U. Taxation and Customs Commissioner Laszlo Kovacs as saying. "They will create a level playing field."