“A new OECD study, ‘Taxes and Economic Growth,’ examines national tax burdens and their impact on growth and incomes in member countries. It concludes that ‘corporate taxes are most harmful for growth, followed by personal income taxes, and then consumption taxes.’ The study adds that ‘investment is adversely affected by corporate taxation,’ and that the most profitable and rapidly growing companies tend to be the most sensitive to high business tax rates.”
IOW, the LEAST harmful taxes for economic growth are
1. consumption taxes
2. personal income taxes
3. corporate taxes
Global competitiveness should be one of the major issues of this political campaign. However, you hardly hear it mentioned by anyone - Democrat or Republican. The media certainly never brings it up.
So sad.