Full text: Government Debts and Inflation: Stumbling-Blocks in the Way of Keynesian Full Employment Policy

Thus the field of action is bounded: On the one side the 
rebate is limited by the size of the normal tax, on the 
other side the normal tax is limited by the size of the 
profit before tax. 
But let us look now at the facts of the post-war developments. 
Kalecki's modified income tax, according to a fashion, has 
actually been realised, in so far as there have been high 
rates of taxation on corporate profits modified by large tax 
relief for those who invest. 
But the yield of taxes on business profits 
a) has declined (in some countries - U.S., U.K.) 
b) is actually much less in countries which you might say 
were dominated by social-democratic and or Keynesian 
ideology: Such as -«ferfer-, Sweden, Austria, than in countries 
dominated by more conservative fiscal traditions: 
Swit*-eriaftd, Japan, U.S. It would seem that in social 
democratic countries the government feels it must pay 
special fiscal bribes to gain or retain the goodwill 
and confidence of business. 
In most countries it appears then that the rebates deemed 
necessary for incentive are so large and in the course of 
time have become so much larger and the profit before tax so 
much smaller that there is no room for increasing the yield

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