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Politics : PRESIDENT GEORGE W. BUSH
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To: Tom Clarke who wrote (203001)11/15/2001 10:17:52 AM
From: DMaA  Read Replies (1) of 769670
 
It's easy to understand why liberals don't trust Putin. He has an admirable record of tax cutting including a cut in marginal income tax rates from 30% to 13%. We could use a few commies like this in Congress.

Russia has even discovered its own version of the Laffer Curve. At the start of this year, Mr. Putin's government cut personal income taxes to a flat rate of 13% from a top marginal rate of 30%. And guess what happened? Russia's personal income-tax revenues climbed by more than 50% in the first seven months of this year over a year ago. The IMF, by contrast, had spent years telling the Kremlin to balance its budget by raising taxes.

Corporate tax cuts are scheduled to kick in next year, with rates dropping to 24% from a top marginal rate of 35%. Mr. Putin has also talked about reducing the country's 20% value-added-tax to rates at least slightly more tolerable. And last month, after years of false starts, the government passed a privatization reform that will allow the beginning of a normal market in non-agricultural land. Maybe Mr. Bush should ask Mr. Putin if he'd like to advise the U.S. Congress on its fiscal "stimulus"; he seems to understand tax incentives better than either Robert Rubin or Tom Daschle.
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