II‑ Economic Context
•
Taxes ‑ Among most highly taxed
people in world
•
Distribution of work force
–
Highest labor force participation rates in
world
–
Highest female participation rates of all
developed countries
•
Unemployment Rate
Taxes ‑ Among most highly taxed people in world
Basic rate 34% and by $43,000 reaches 56%
Comprehensive 23% sales tax
Payroll taxes add 36% to wage bill
Total tax of GDP about 60% 2003, highest in course and similar level of spending
Highest labor force participation rates in world
Lots of part‑time work
Unemployment Rate
2004 5.6%
Long-term unemployment 2004 2
nd
lowest in course behind only Canada