Get ready for massive tax cuts for corporations across Europe

[Ghost Dog]

Soon there will be no such thing as corporation tax. Among the first items on the shopping list of reforms outlined by Spain's new prime minister, Mariano Rajoy, on Monday is a cut in the main business tax.

He said more firms would enjoy a 20% rate as a central tenet of his mission to make Spain more business-friendly...

... Yet Rajoy will trump Osborne, despite maintaining the current 30% rate. The next stop must be to reach the 12.5% benchmark set by the Irish.

In one sense, all major economies have already cut the cost of tax paid by corporations, whether they have a high standard rates or not.

The US ostensibly charges 35%, but very few firms pay anything like this rate. France, for all its bluster about taxing corporations, has a myriad of complex, but very rewarding, tax reliefs that French companies milk with alacrity...

/... http://www.guardian.co.uk/business/economics-blog/2011/dec/19/corporation-tax-cut-europe

[roamer65]

1. Big mistake.

If they cut corporate taxes, their deficit to GDP percentage will go up. They are already well beyond the percentage allowed under the EU's Growth and Stability Pact.

[Ruby the Liberal]

2. We haven't hit bottom yet!

Well then, keep digging!

Unbelievable.