I’ve had ample reason to praise Hong Kong’s economic policy.
Most recently, it was ranked (once again) as the world’s freest economy.
And I’ve shown that this makes a difference by comparing Hong Kong’s economic performance to the comparatively lackluster (or weak) performance of economies in the United States, Argentina, and France.
But perhaps the most encouraging thing about Hong Kong is that the nation’s top officials genuinely seem to understand the importance of small government.
Here are some excerpts from a recent speech delivered by Hong Kong’s Financial Secretary. He brags about small government and low tax rates!
Hong Kong has a simple tax system built on low tax rates. Our maximum salaries tax rate is 15 per cent and the profits tax rate a flat 16.5 per cent. Few companies and individuals would find it worth the risk to evade taxes at this low…
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