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August 15th, 2011 Leave a comment Go to comments

It was even awarded estate status.  That seems antiquated.  It a knock that journalist embrace along with high-minded views of the profession that avoid the human nature of the estate.   But, it can also do just what is says it can.

Last night Leslie Stahl  and her team seemed to come as close as one can to deserving the title of reporter.

I think she could have used a stronger comparison that is close to home.  It is an economy in far better shape. It has handed us our __ for several years. It sit on our northern border.  We liked to joke about it but the tables have turned and we’re becoming the punch line.

Canada’s corporate tax rate history and future:

  • 21% before January 1, 2008
  • 19.5% effective January 1, 2008
  • 19% effective January 1, 2009
  • 18% effective January 1, 2010
  • 16.5% effective January 1, 2011
  • 15% effective January 1, 2012

Our corporate tax rate is 35%.   Government recently put  almost a trillion dollars into the economy to try create jobs.  The success was more on political talking points than good jobs.  Our tax rate has placed more than that in oversea  holding.  It was reported to be almost twice the amount.  They can’t repatriate the money without the tax being applied.

Business — especially successful one — make a lot of money.  That creates a problem.  It is a nice problem but it is still a problem.  They need to either invest it or pay it in dividends.  That process creates new jobs and industries.   In the past we were very good at that and our economy grew. Employee success shared the ride.

Today, the approach being promoted is to tax those fat cats even more.  The corporate tax is abusive.  But, most folks are actually employed by small, successful business.   Those are the fat cats they want to tax.  We are seeing from Ms. Stahl’s report how excessive taxation has destroyed jobs here for decades.

When you listen to the rhetoric of the coming campaign,  keep all this in mind.   It a populist view that doesn’t produce American wealth or jobs.

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