organix
06-09-2005, 04:04 AM
President Bush gave former Sens. Connie Mack of Florida and John Breaux of Louisiana the unenviable task of trying to say something new and interesting about tax reform.
When it comes to designing a simple tax system that does the least damage to the economy, it would be difficult to find a better role model than Hong Kong. As the Economist wrote a few years ago, "The territory's tradition of simple and low taxes ... is widely seen as a main reason for its stunning rise to prosperity." Many advantages of the Hong Kong tax system have been widely emulated in Asia, yet remain poorly understood in this country....
The Hong Kong tax system has one major advantage over even the most elegant theoretical alternatives. It has been tested for more than 50 years. It works.
Read the full article here. (http://washingtontimes.com/commentary/20050604-091916-5935r.htm)
When it comes to designing a simple tax system that does the least damage to the economy, it would be difficult to find a better role model than Hong Kong. As the Economist wrote a few years ago, "The territory's tradition of simple and low taxes ... is widely seen as a main reason for its stunning rise to prosperity." Many advantages of the Hong Kong tax system have been widely emulated in Asia, yet remain poorly understood in this country....
The Hong Kong tax system has one major advantage over even the most elegant theoretical alternatives. It has been tested for more than 50 years. It works.
Read the full article here. (http://washingtontimes.com/commentary/20050604-091916-5935r.htm)