Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

WSJ's John Fund lies saying Hong Kong has a flat tax for almost everyone

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Media Donate to DU
 
papau Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-01-05 07:49 AM
Original message
WSJ's John Fund lies saying Hong Kong has a flat tax for almost everyone
http://mediamatters.org/items/200502280004

Fund wrong on Hong Kong "flat tax"

Writing in support of a "flat tax" on income, Wall Street Journal op-ed columnist John Fund falsely claimed that "almost everyone in Hong Kong pays the flat tax." In fact, only a tiny proportion of the working population of Hong Kong pays a "flat tax." Fund made this claim in the February 28 edition of his regular "On the Trail" column on OpinionJournal.com, an online publication of the Journal's editorial page.

Hong Kong's "flat tax" is better described as an "alternative maximum tax." Instead of subjecting all workers to a single tax rate, as a flat tax does, it places a cap on the fraction of income that any taxpayer is obligated to pay in taxes. However, this cap affects only a small number of workers. As Media Matters for America previously explained when another column in the Journal included this same false claim, the vast majority of Hong Kong workers -- expected to be 98.5 percent in 2005 -- are subject to a graduated income tax which, as the accounting firm PricewaterhouseCoopers details, consists of four separate tax brackets and allows for significant personal and dependent deductions. Only the top 1.5 percent of income earners are expected to be subject to the single-rate flat tax in 2005, a far cry from the "almost everyone" that Fund claimed.

Printer Friendly | Permalink |  | Top
China_cat Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-01-05 07:56 AM
Response to Original message
1. Maybe they left off two words;
"almost everyone"...who counts.

Printer Friendly | Permalink |  | Top
 
Warren Stupidity Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-01-05 07:59 AM
Response to Reply #1
2. that's "almost everyone... who is rich" (nt)
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu Aug 28th 2014, 02:09 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Media Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC