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Quote of the Day: Swedish Tax Lesson for Congress?

14 June 2007

Tax rates are falling all over the globe — even in Sweden. The exception is the U.S. Congress, which is scrambling to find some way, any way, to raise them.

The proposed 44% top marginal rate would reduce U.S. competitiveness by reducing the after-tax return on investment. Less investment means fewer jobs and lower wages. A Tax Foundation analysis of tax returns finds that roughly three in every five Americans in the highest income tax bracket are small business owners, who create most new jobs.

What’s missing from this Congressional tax debate is any recognition that today’s tax rates are producing record tax receipts. (editors note: Our Connecticut Dear Leaders don’t get it either).

from Carpe Diem

Posted in General Outrage | Trackback | del.icio.us | Top Of Page

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