First, governments need to continue to restrain spending once budgets are balanced so that, as the economy grows, surpluses are created that allow for tax rate reductions.
This protected deductions for some lower rental investors, while closing tax shelters of high income earners, and helped fund income tax rate reductions.
Indeed, the 2003 tax rate reduction occurred just after a number of major companies had dramatically misled investors in order to boost their stock values.
The tables reflect a 9.0 percent reduction in the withholding rates previously in effect for 2013 to conform with the individual income tax rate reduction for 2013 and 2014.