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Tuesday, November 15, 2005

Germany Raises Taxes To Grow. Huh?

Captains Quarters provides this link to the "new" economic proposal in Germany. Get this: They plan on creating a consumer tax, a VAT tax, of 3% and also increase the marginal tax on the wealthy from 42% to 45%. Hell, it's all numbers anyway.

Angela Merkel has apparently taken the 2 horrible ideas from her coalition government to make one big future mess.

For those of us espousing free market, low tax capitalism, this is another example of bad economic policy with real life people.

Explains Captain Ed:

When last seen, this strategy started an economic crisis across Asia that almost killed the Pacific Rim market. Japan, which had been seen as a juggernaut moving implacably towards global economic leadership surpassing even its American mentor, kneecapped itself by doing exactly what Merkel proposes in almost identical circumstances. Given France's state of affairs, the new German policy appears almost assured of sinking the EU in a similar fashion.

American economic planning had better not count on significant investment from European sources over the next few years. The only ones we're likely to see will be those who come across the Atlantic in balloons, hoping to escape the Brussels Wall of economic stupidity.

Sadly, we need a strong Europe as trade partners. More sad, citizens in the US largely of the big government-big tax variety (and if the NYT is to be believed it is a majority of Americans) have no more understanding of economics than these fools

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