The wisdom of B. Hussein Obama.

Sweden remains a high-tax country overall, with individual rates well above 50% plus pension and payroll obligations. Maria Rannka, president of the Swedish think tank Timbro, has reported that entrepreneurship had become such an alien concept that more than half of Sweden's 50 largest companies were founded before World War I and only two after 1970 -- the period when taxes and social welfare programs proliferated.

Now, however, Sweden is discovering that it must cut taxes to compete with Ireland, Eastern Europe and fast-growing Asia. Three years ago Sweden eliminated its inheritance tax. The U.S. death tax rate is still 45%. John McCain cited Ireland's low rate in his Friday debate with Barack Obama, who continues to insist that U.S. business is undertaxed.

"The Stockholm Curve." Wall Street Journal, 9/29/08.