But the year-on-year increase in the British retail-price index was just 3.5% in January and even that number was pushed up by higher rates of value-added tax, a home-grown factor.

ECONOMIST: Buttonwood: Race to the bottom | The

"Funding for Lending (FLS) should make this easier this year, resulting in more choice at higher loan-to-value deals and better rates, " he added.

BBC: House prices in London rise by 7%

It's simply a summation of a country's top rates on personal and corporate income, plus value-added taxes and wealth and social welfare taxes.

FORBES: Mind the Geese

China's huge size means that to maintain stellar growth rates, the economy needs to move up the value-added chain fast and grab more export market share.

WSJ: Diana Choyleva: China Is Too Large for Its Own Good

What if Congress lowers income tax rates and imposes a consumption tax--perhaps a national sales or value added tax--to make up the difference?

FORBES: The 2005 Investment Guide