Today, Russia’s debt/GDP ratio is about 6%. In 2000, the debt was restructured with a 50% haircut. Remember, Russia defaulted on its dollar-denominated debt in 1998. Can you see why I suggest a 19% VAT-only system for Greece (a 15% flat tax would be fine too, but why be a copycat) - right here, right now, combined with a default and restructuring of past debts?įebruary 14, 2010: The Problem with Greece This is a wonderful example of the Magic Formula, which is Low Taxes and Stable Money. I put the most interesting bits in boldface so they are easy to find. I’ll list Alvin’s notes in chronological order. Russia was the first large country to adopt a flat tax system, with at 13% rate legislated in 2000 and implemented in January 2001. His book The Flat Tax was first published in 1985. Today we are archiving a series of blog posts by Alvin Rabushka, an economist at Stanford who has been a flat-tax advocate from the olden days when the only such example in the world was Hong Kong.
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