Sunday, July 6, 2008

So who won the cold war again?

US income tax rates currently:

Corporate: 35%
Personal: 15-35% (soon to be over 54.9% when Obama takes over and includes social security and medicare tax on top of the 39.6% highest marginal rate)

Now compare US rates to foreign rates. Most former Soviet Block countries, now have a low flat tax. Russia 13%. Romania 16%. Ukraine 15% . Bulgaria 10%. Slovakia 19%. Estonia, 22%. After 60 years of communism, those countries know to stay the hell away from it. Even Germany's top income tax rate is only 45%, less than what the top tax rate will be under Obama. And Germany has a lower corporate rate too. As Europe is moving away from socialism/communism, Obama, Nancy and Harry are taking the US in the opposite direction.And yes European countries have a fairly high VAT. But I would gladly trade a lower income tax for a higher sales tax.

I often hear liberals including Obama, bemoan the fact the US is not like Europe. Well, OK Mr. President-to-be, let's become more like Europe in this aspect. Let's lower income tax rates to a nice flat 15 or 20%. How about it?

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