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NCPA summarizes a Wall Street Journal article:
The rags-to-riches story of how Iceland's 300,000 citizens became some of the world's wealthiest people is a testament to capitalism's animal spirits. Only after it opened up the economy, privatized state companies and slashed marginal taxes did this once famine-plagued island become a Nordic Tiger, says the Wall Street Journal.
...In fact, the benefits of low taxes are already on full display in Iceland, which provides an almost perfect demonstration of the Laffer Curve, says the Journal:
- From 1991 to 2001, as the corporate-tax rate fell gradually to 18 percent from 45 percent, tax revenues tripled to 9.1 billion kronas (U.S. $135 million in today's exchange rate) from just above 3 billion kronas (U.S. $44.5. million).
- Since 2001, revenues more than tripled again to an estimated 33 billion kronas (U.S. $490 million) last year.
- Personal income-tax rates were cut gradually as well, to a flat rate of 22.75 percent this year from 33 percent in 1995; meanwhile, the economy averaged annual growth rates of about 4 percent over the past decade.
The site is Conservapedia:
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(Hat tip: A.M. Whittaker).
Is your favorite website blocked in China? Find out here. (Hat tip: A.M. Whittaker).
"'THOUSANDS RIOT' IN CHINA PROTEST":
A protest staged by thousands of rural workers in central China ended in violent clashes last week, reports say.
Several people were injured as up to 20,000 people clashed with 1,000 police in Hunan province on Friday, a local official told Reuters news agency.
Internal concerns such as this may make China reluctant to make more trouble for themselves, e.g. by invading Taiwan.
"HAMAS SAYS STILL SEEKS ISRAEL'S DESTRUCTION:"
GAZA (Reuters) - The Palestinian Islamist group Hamas rejected on Monday criticism by al Qaeda's second-in-command and said it was still committed to Israel's destruction despite a power-sharing deal with the Fatah faction.
And just in case anyone wasn't aware that Hamas is acting in the name of their religion:
"We will not betray promises we made to God to continue the path of Jihad and resistance until the liberation of Palestine, all of Palestine," Hamas said in a statement, in a clear reference to Israel as well as to the occupied West Bank.
