STARTING FROM SCRATCH HAS ITS ADVANTAGES:

Bulgarian government to propose 10 percent flat income tax (The Associated Press, 7/31/07)

"The introduction of the flat tax is expected to generate bigger financial resources for the budget and "bring to light" the incomes," Prime Minister Sergei Stanishev said. [...]

"The flat tax rate puts an end to tax concessions," Finance Minister Plamen Oresharski said in an interview for the Trud daily.

"The philosophy of taxation is either charging a high tax rate accompanied by numerous concessions and preferences or a low tax rate without any tax-free minimums or deduction of inherent expenses from the taxable amount," the finance minister said.

"The flat tax will not have an impact on the income tax revenue in the budget and will not lead to a fiscal loss," Oresharski said.

Nice to see folks learn from our mistakes.

Posted by Orrin Judd at August 2, 2007 8:12 PM