I'm Pete du Pont with the National Center for Policy Analysis. You know how we've always ragged on Europeans for being tax gluttons? Well, as Americans literally cook up of the world cook up *reform* schemes that will only result in more taxes here, guess who's cutting them there?
Taxes as a share of GDP have risen more here in the last eight years than in any other major country. But last year Britain lowered its bottom tax rate to 10 percent and the rate most pay to 22 percent — while most Americans pay 28. Britain lowered the corporate rate to 30 percent; we raised it to 35 percent in 1993. They slashed the maximum capital gains tax rate from 40 percent to just 10 — half the U.S. rate.
Germany cut income and corporate taxes and is abolishing one capital gains tax. Even hard-line French socialists are cutting the corporate tax and making small individual reductions.
Belgium and Italy also plan tax cuts, and unless we join in, we could find ourselves losing the race for investment capital.
Those are my ideas, and at the NCPA we know ideas can change the world. I'm Pete du Pont. And I'll see you next time.