What’s the biggest fiscal problem facing the developed world? To an objective observer, the answer is a rising burden of government spending, caused by poorly designed entitlement programs, growing levels of dependency, and unfavorable demographics.
I’ve relentlessly complained that the United States has the highest corporate tax rate among all developed nations. And if you look at all the world’s countries, our status is still very dismal. According to the the Economist, we have the second highest corporate tax rate, exceeded only by the United Arab Emirates.
I’m not naive enough to think that any particular study will change minds, but when the bulk of the research unambiguously tells us that lower tax rates are better for economic performance, I think (or at least hope) that it may have some impact on government officials.
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