Submitted on Monday 8th August 2011
Published on Monday 15th August 2011
Current status: Closed
Closed: Wednesday 15th August 2012
Signatures: 6
Adopt the Hong Kong Method of taxes
Why dont we adopt the Hong Kong method of tax?
China, Russia and some baltic States adopted it and they have seen Economic Growth rates of 8-12% a year
Only the rich pay tax and is no more than 20%, no capital gains tax, no inheritance tax,
As a result Hong Kong actually gets more revenue now from their new system then when they had a system of taxes like ours
You wont need as many civil servants to collect taxes hence will help make the cut backs you need in the public sector.
People will have more disposable income to help kick start the economy, they will want to work longer hours as all the money they make will be theirs
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