December 26, 2017

FALLING AT THE FIRST HURDLE:

Global Tax War Threatens Living Standards (James S. Henry, December 26, 2017, DCReport.org)

Australia's Finance Minister warned that its economic growth rate might fall by a third unless it responds fast to the Trump/Goldman Sachs legislation. Accordingly, he promised that Australia will soon slash its own corporate tax rate from 30% to 25%. He said even that rate may be too high.

Just this week, Argentina's conservative President Mauricio Macri--who reportedly maintains close ties with Trump--announced plans to cut Argentina's corporate tax rate from 35% to 25% by 2020.

In Europe, Austria's new government just announced that it is considering a similar reduction.

Norway cut its 25% corporate income tax rate to 24% this month. More cuts may be coming.

France's corporate tax rate will be cut from 33% to 27% by 2022. Britain moved pre-emptively last April, cutting its corporate rate from 20% to 19% with plans to reduce it to 17% in 2020.

South Korea, Mexico and Chile are also actively considering corporate tax cuts, in response to the U.S. measure, my interviews with key global tax analysts around the planet reveal.

No one has yet answered why we should tax the creation/increase of wealth, which is universally accepted as a social good.

Posted by at December 26, 2017 5:16 AM

  

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