Thursday, July 10, 2003
France and Gemany cut taxes
The question is if these tax cuts are just for "the rich"?
The question is if these tax cuts are just for "the rich"?
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The Economist reports:
[Germany's] government this week approved the plans of the finance minister, Hans Eichel, to lop €22 billion ($26 billion) off income taxes from January. Chancellor Gerhard Schr?der hopes that the cuts, which should prune the average worker's tax bill by 10%, will help to fizz up the economy. . . . France is also cutting taxes, regardless of the effect on the budget deficit. President Jacques Chirac has now confirmed that he will press ahead with the 30% cut in income taxes that he promised in last year's election campaign. "Income tax has been reduced by close to 7%", he said last week, "and this reduction will continue."
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