By Mark Provost in The Progressive Press
If Washington sincerely wants to reduce the budget deficit and national debt while protecting the broader economy, it should learn from other nations which have succeeded. One country stands out: Norway.
Norway has the largest budget surpluses in the developed world, no net national debt, citizens enjoy a robust safety net, and unemployment is below 3%. (1) (2)
What is Norway’s secret, other than refusing to join the European Union?
Norway’s overall tax as a share of GDP is among the highest in the OECD–for corporations, it is the highest. Norway’s corporate tax revenue as a share of GDP is above eight percent—the highest in the world and four times higher than the US. (3) By comparison, the US is the third lowest taxed country and the second lowest for corporations. (4) In other words, if a US company sought lower tax rates by relocating to another country, as they regularly threaten, there is only one country in the world they could go: Iceland. (5) Contrary to the myth of job creators, high rates have not crippled Norwegian entrepreneurs. In fact, Norway produces more successful business start-ups than the US. (6)
Read more at The Progressive Press