Pursuing an Irish form of Reaganomics, Ireland deregulated the economy, flashed a green light to entrepreneurship, and cut the corporate tax rate from 16 percent to 12.5 percent, well under the European Union's average of 30 percent. The result was a markedly pro-business environment that generated a flood of investment, a jump in job creation, an expansion of incomes, and, overall, an economy that nearly doubled its size in the past decade.I think I see the makings for a Southwest Virginia Free Enterprise Zone. Slash corporate and personal income tax rates. Reduce the bureaucratic red tape. Ease up on the myriad environmental restrictions that stifle growth. And watch the area prosper like it never has before.
"Ireland's success should be attributed to an increasing reliance on free markets," explains Benjamin Powell, a social policy analyst at the Mercatus Center in Arlington, Virginia. "Over the past 10 years, Ireland has catapulted from Europe's economic backwater to the forefront of European economies."
Or follow Tim Kaine (and the French) and continually raise taxes - and see the area slide further into economic ruin.
In a milieu that's doing its best to strangle the private sector with red tape, confiscatory taxation, and litigation, it's not surprising that the French economy operates with 23 percent of its labor force working for the government ...That having been said, the Democratic governor of the commonwealth of Virginia is about to raise our taxes again.
What appears to be insufficiently taught in French universities is the historical fact that no nation has ever regulated, litigated, or taxed itself into prosperity. [my emphasis]
Guys like him will never learn.
Unfortunately, we here in Southwest Virginia are learning the lesson the hard way.