U.S. editorial excerpts -3-+
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[March 12, 2007]

U.S. editorial excerpts -3-+

(Japan Economic Newswire Via Thomson Dialog NewsEdge) NEW YORK, March 12_(Kyodo) _ Selected editorial excerpts from the U.S. press:

ICELAND'S LAFFER CURVE (The Wall Street Journal, New York)

Iceland's 300,000 citizens have become some of the world's wealthiest people by opening up their economy and cutting taxes, and now they're contemplating another dose of the same economic tonic.

The government convened a special task force in 2005 to look into ways of transforming Iceland into a financial hub. Headed by Sigurdur Einarsson, chairman of Kaupthing, the country's biggest bank, the committee recommended in November that the corporate-tax rate be reduced to 10% from the current 18%. That's below the 12.5% in that other European economic powerhouse surrounded by water -- Ireland.



The benefits of low taxes are on full display in Iceland, which provides an almost perfect demonstration of the Laffer Curve. From 1991 to 2001, as the corporate-tax rate fell gradually to 18% from 45%, tax revenues tripled to 9.1 billion kronas ($134 million in today's exchange rate) from just above 3 billion kronas. Revenues have more than tripled again since 2001 to an estimated 33 billion kronas last year. Personal income-tax rates were cut gradually as well, to a flat rate of 22.75% this year from 33% in 1995.

Iceland's government hasn't moved on the tax-cut recommendations, and no action is expected before general elections in May. The report was generally well-received, we're told, but its proposed 10% corporate-tax rate is still controversial in some quarters. The tax-cutting competition isn't sleeping, however, especially in Switzerland and the flat-tax movement in Eastern Europe. If Reykjavik wants to stay ahead of the game, it might consider learning from its own tax-cutting history. (March 12)



Copyright 2007 Kyodo News International, Inc.

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