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Updated: September 19, 2017 @ 7:52 pm
September 19, 2017
After the fall of the soviets Russia had a tax system much like ours. Not quite as complicated but with as many loopholes, political twists and exceptions.Russia hired the Forbes economic team to rewrite their tax code.The result was a flat tax set at 15 % to be revenue neutral. 15 % turned out to be too high and a burden on their economy. Revinue neutral forgot that millions of tax collectors and preparers earning their living from the old tax code would have nothing to offer with the flat tax.Since the original flat tax was passed Rusia has reduced their rate every other year to 10.5 % today.They are learning that every cut brings in more revinues.The Forbes team had suggested that a flat tax of 8 % would be ideal.
Well, if it works in Russia, it's gotta work here. I imagine there's a few other things we could borrow from Russia and put in place here. Some, even, that you might not like.
Not sure that Russia is the best example to use on these forums ;-)
Response to kevjlang posted at 3:56 pm on Mon, Mar 10, 2014:
What do we know that's good from Russia??
Russians have those nice, warm, supped up hats for wearing in frigid weather. They have balalaikas, those nice string instruments. That's it.
The 59 countries that adopted the flat tax used it to replace, not adding it onto, all other national taxes.The most successful tax all income with no exceptions or deductions. One tax replacing all other taxes.
Sverige, don't forget vodka and caviar. This flat tax sort of looks good.
I'm for a universal flat tax. Always have been, probably always will be. Simple is usually good. There are obvious exceptions, but generally simpler is better. (No doubt that's an oversimplification.)
I had not heard the Russian tax anecdote, so thanks for that, IHOG. It can be instructive to see what someone else does when adopting a system from scratch, without the burden of years of evolution.
And Lars, the Russians have also produced excellent gymnasts and skaters, the Faberge egg, and some of the world's most comical dictators.
Jake.A universal flat tax with universal school choice would just about eliminate the Democrat party.Universal school choice may happen first. The majority of minority voters say they want it.
It would just about wipe out the Republican Party and the Tea Party, too. They all have significant constituencies that feed at the trough of loopholes and exemptions in the tax code. If you think our tax code is ugly now, just wait until they butcher up a "flat tax" to ensure that their key donors are AT WORST neutral with the new schedules.
Response to Robert Buckner posted at 12:19 pm on Tue, Mar 11, 2014:
You are correct, those 2 a lot of folks like - credited to Russians. Not me....vodka's too strong and caviar is too high falutin', looks and tastes icky.
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