EVEN SWEDEN?:

The headline above is not an athletic game score, and in this contest you want to be on the lower end. We're talking about the corporate tax rate, which Sweden's Prime Minister Fredrik Reinfeldt has announced that he intends to cut to 22% from 26.3% as part of his next budget.

The rate cut will be partially offset by closing some loopholes, but it will leave famously high-tax Sweden with one of the lowest corporate tax rates in Western Europe. With a top marginal personal income-tax rate of 57% and government spending equal to 56% of GDP, Sweden is no free-market paradise. But over the past two decades, Sweden has cut its public debt to 33% of GDP from a high of nearly 80% in the 1990s. It has also kept the budget at or near balance.

In announcing the cut last week, Mr. Reinfeldt called the corporate income tax "probably the most harmful tax of all" because it hits job creation and business investment. 

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