Our economy would boom if BO eliminated the corporate tax altogether as Ireland proved by just lowering it. Its the ultimate vindication of supply-side economics
From 1995 to 2000 GDP rate growth ranged between 7.8 and 11.5%. The rate then slowed to between 4.4 to 6.5% from 2001 to 2007. During that period the Irish GDP rose dramatically to equal then eventually surpass that of all but one state in Western Europe. Although the GDP does not represent the standard of living, and the GNP remained lower than the GDP, in 2007 the GNP achieved the same level as of some other Western European countries.[citation needed]
[edit] Causes[edit] TaxMany economists credit Ireland's growth to a low corporate taxation rate (10 to 12.5 percent throughout the late 1990s),
During 2001 and 2003 taxes were lowered in the US. In 2008 the US almost had a financial collapse with one of major investment banks (IB) going bankrupt, one being bought for a song by another IB, while the rest of the major IB's were rescued by the government. This and common sense proves that lowering taxes will cause a financial collapse to ensue. Ignore 9-11 and two wars that the US initiated, massive fraud in the housing market, a change of leadership in the house of representatives, and any other laws that might have an economic effect on the US. Lowering taxes is what caused it.
Can you explain how lowering taxes caused a financial collapse 6 years later. Be very specific here. And keep in mind that we lowered taxes only on income only at certain levels. Also that some of the tax cuts, like the tax on investment income, produced more revenue for the government, not less.
Read what I quoted and read everything that I wrote, carefully. Also read the last line in post #55 of this thread. Then think about it. You completely missed my point.