The corporate tax-cutting revolution may take another step forward with the election of Lee Myung-bak to the South Korean presidency.

Lee has promised to cut the country’s federal corporate tax rate from 25 to 20 percent.

Lee seems to have a very pro-market perspective on fiscal economics: “The ratio of taxation against national income was 17.9 percent under former President Kim Young-sam’s administration, but it increased to 20 percent under the incumbent administration, which almost stops the economy from growing.”

America’s tax ratio is closing in on 19 percent of GDP and our federal corporate tax rate at 35 percent will be 75 percent higher than Korea’s.