According to fiscal liberals and socialists, the following should be a recipe for disaster: A country with the lowest level of business regulations in the world, the freest trade in the world, one of the smallest governments in the world, and: ► No inheritance tax. ► No sales tax. ► No Value Added Tax (VAT) ► No property tax (unless you receive rental income). ► No capital gains tax. ► No dividend tax. ► No interest tax. ► A maximum 15% income tax. ► A maximum 16.5% corporate tax. In other words, the closest thing that exists to free market capitalism in the world. Instead of the disaster some say these policies would produce, the resulting system has been called the most successful the world has ever seen. Its Hong Kong, and it has: • Sixth highest GDP per capita. • Longest life expectancy in the world. • Highest average IQs in the world. • Second highest scores in science. • Second highest scores in reading. • Third highest scores in math. • Sixth best tourism index. • Sixth lowest crime rates. • Highest rate of public transportation in the world. • Worlds best ranked airports. • Second best port system in the world. • Second most internet enabled system in the world. • Highest level of Government Effectiveness in the world. • Highest level of Regulatory Quality in the world. • Best Net International Investment. • Fourth best labor freedom. • Highest rate of capital attraction. • Seventh best in global competitiveness. • Thirteenth lowest corruption. • Sixth best in innovation. • Highest Economic Freedom Index score. • Despite a population of only 7 million, Hong Kongs currency is the 8th most traded in the world. • It is in the top 20 for quality of life, health care, Human Development Index, Prosperity Index, and median household income. • Top 10 in property rights, legal system, technology. SOURCES: theglobeandmail/report-on-business/economy/canada-competes/hong-kongs-simple-low-taxes-dont-we-all-want-it/article13393877/ en.wikipedia.org/wiki/International_rankings_of_Hong_Kong freetheworld/2013/EFW2013-complete.pdf info.worldbank.org/governance/wgi/pdf/c97.pdf
Posted on: Sat, 22 Nov 2014 21:00:00 +0000
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