{"id":700,"date":"2008-10-16T14:40:40","date_gmt":"2008-10-16T12:40:40","guid":{"rendered":"http:\/\/blog.veni.com\/?p=700"},"modified":"2008-10-16T14:40:40","modified_gmt":"2008-10-16T12:40:40","slug":"richard-rahn-about-bulgaria","status":"publish","type":"post","link":"https:\/\/blog.veni.com\/?p=700","title":{"rendered":"Richard Rahn about Bulgaria"},"content":{"rendered":"

This is how the article, written by Richard Rahn<\/a>, and published at the Washington Times<\/a> begins:<\/p>\n

Can you name a country that has a flat 10 percent income tax on both personal and corporate income, and that is also running a budget surplus of 8 percent of gross domestic product (the equivalent of the United States running a budget surplus of more than $1 trillion)? The surprising answer is Bulgaria, formerly one of Europe’s most backward countries. <\/p><\/blockquote>\n

and it continues:<\/p>\n

The income tax rate cut in Bulgaria caused its economy to grow more rapidly, and hence there was a surge in the VAT (value-added tax) and other consumption tax revenues, as well as a reduction in the underground economy. This year, the Bulgarian economy will grow about 4 times faster than the average of the European Union (of which Bulgaria is a member). Given the success of the flat tax, many who initially opposed it now claim to have supported it all along.
\nBulgaria privatized its banks, did not create semi-socialist mortgage banks like Fannie Mae and Freddie Mac, has required banks to keep adequate reserves (which now average 13 percent, about double the U.S. average), and now is in a much better position to weather the international financial crisis. <\/p><\/blockquote>\n

I highly recommend that you read the whole article at the Washington Times web site<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

This is how the article, written by Richard Rahn, and published at the Washington Times begins: Can you name a country that has a flat 10 percent income tax on both personal and corporate income, and that is also running … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[3,12,25],"tags":[],"class_list":["post-700","post","type-post","status-publish","format-standard","hentry","category-bulgaria","category-in-english","category-usa"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.veni.com\/index.php?rest_route=\/wp\/v2\/posts\/700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.veni.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.veni.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.veni.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.veni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=700"}],"version-history":[{"count":0,"href":"https:\/\/blog.veni.com\/index.php?rest_route=\/wp\/v2\/posts\/700\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.veni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.veni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.veni.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}