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Originally Posted by VJW
It’s been well documented by the U.S. Treasury that it would garner far LESS revenue, not to mention that the two professors who were the ORIGINATORS of the so-called “Flat Tax” have stated from the getgo that it would garner far LESS revenue.
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I'm using real life examples. In 2001 Russia adopted a 13% flat tax. Russia’s economy has expanded by about 10 percent since it adopted a flat tax. That may not be spectacular, but it’s better than the United States, and it’s very impressive compared to the anemic growth rates we see elsewhere in Europe.
Over the last two years, inflation-adjusted income tax revenue in Russia has grown 50 percent. Why? Because people are willing to produce more and pay their taxes when the system if fair and tax rates are low.
There are other industrialised nations using flat taxes very successfully. Hong Kong has had a flat tax for a long time, and it’s been the world’s fastest-growing economy over some 50 years.