There was another economist on the radio last night, again talking about Obama's tax plan, basically saying the same things all the other economists
were saying. But then he talked about something I've not heard before and gave an entire country as an example.
Check out this page: www.taxfoundation.org...
Prior to 1981, Ireland had one of the highest corporate tax rates at 41%, and their economy was weak, their unemployment rate was high.
But in the mid-1980s, the economy was faltering, college graduates were emigrating, and the outlook was bleak:
"We went on a borrowing, spending and taxing spree, and that nearly drove us under," said Deputy Prime Minister Mary Harney. "It was because we
nearly went under that we got the courage to change."
Sounds eerily familiar doesn't it?
Then, in an unprecedented move, they decided to cut corporate taxes to 12.5%. Overnight, their economy began to GROW.
This change included a corporate tax rate cut to 12.5 percent, far below the rest of Europe, which attracted foreign investment. Nine of ten of
the world's top pharmaceutical companies and seven of the top ten software designers currently have operations in Ireland.
Now, two decades later, their economy is booming.
In 2001 the Tax Foundation hosted a delegation of congressional tax staff on a European tax conference that included a meeting with officials from
Ireland’s Industrial Development Agency, who explained that the corporate tax rate cut had stimulated economic growth and new foreign investment.
Can't you Obama supporters understand this? Obama's tax plan is a "Robin Hood" type of plan, take from the rich and give to the poor. That's all
well and good, but it doesn't work for economics because the rich still control the number of jobs that the poor work. Take from the Rich and they
will take jobs back to make up the loss!!! Robin Hood economics DO NOT WORK, especially when this country is headed into a recession.
All you have to do is heed the above example of Ireland! Obama doesn't get it. Now I don't know if McCain heeds this type of policy, but I do know
that he doesn't plan to raise corporate taxes.
[edit on 29-10-2008 by sos37]