Americans work longer hours and have higher living standards than Europeans. The reason Europeans work less is due to higher taxes on work, concludes a new study from the U.S. Federal Reserve Bank of Minneapolis.
High taxes on labour increase the cost of each worker, encouraging the substitution of machinery
The most powerful trend in the world today is the accelerating pace of economic globalisation. During President Bush’s swing through Asia, the power of globalisation was clear. The trip began in a Japan that finally seems to be recovering from a decade-long slump, thanks largely to the fact that
U.S. businesses pay a tax of 35 percent on income earned by their foreign subsidiaries because the United States is one of the few countries that taxes income wherever it is earned. Most countries allow income to be taxed in the places (“territory”) where it is earned. The
Apparently the Kyoto climate control treaty doesn’t impress Russian president Vladimir Putin. At the World Climate Change Conference in Moscow earlier this month, Putin was expected to announce his government’s intention to ratify the treaty. Instead, he delivered an emperor-has-no-clothes speech that stunned the audience and changed the
Public debt is a problem in the United States, but it is an even bigger problem for developing countries. A new study from the International Monetary Fund finds that developing nations are getting in over their heads.
Developing nations already have more debt than the developed world, say the authors:
