Here's a letter that I sent recently to the Washington Post:
Seeking to encourage African governments to embrace institutions that
promote economic growth, President Obama said yesterday in Accra that
"No business wants to invest in a place where the government skims 20
percent off the top" ("Text of Obama's speech in Ghana," July 11).
promote economic growth, President Obama said yesterday in Accra that
"No business wants to invest in a place where the government skims 20
percent off the top" ("Text of Obama's speech in Ghana," July 11).
He's
absolutely correct. So I trust that he'll offer the same advice to the
U.S. Congress, for this body taxes every dollar of corporate income
above $50,000 at a rate of 25 percent – and raises this rate to 39
percent on corporate incomes between $100,000 and $335,000. The
average tax rate on corporate incomes higher than $335,000 is greater
than 35 percent.
Surely Mr. Obama's understanding of the
destructiveness of government confiscation ought not be lost on Rep.
Pelosi, Sen. Reid, and Co.
Sincerely,
Donald J. Boudreaux
