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Flat Tax A Success In Iceland,
by Amanda Banks, Tax-News.com, London
Tuesday, August 14, 2007
The Center for Freedom and Prosperity Foundation last week released a report
on the dramatic flat tax and supply-side reforms that have taken place in Iceland,
boosting growth, efficiency, and competitiveness.
Entitled "The Iceland Tax System -- Key Features and Lessons for Policy
Makers," the study is authored by Dr. Hannes Gissurarson a Professor of
Politics at the University of Iceland and Dr. Daniel Mitchell a Senior Fellow
at the Cato Institute. Gissurarson and Mitchell found that the flat tax, a low-rate
18 percent corporate income tax, a 10-percent flat tax on capital income, and
repeal of the wealth tax have dramatically boosted Iceland's economy, reversing
the stagnation and instability that plagued the nation in the 1980s.
The reforms in Iceland have yielded big dividends. Iceland is a rich and successful
nation. The three biggest reforms are the low corporate tax rate, the low-rate
flat tax on capital income, and the intermediate-rate flat tax on labor income.
The authors find considerable evidence that the first two reforms have been
very successful. Indeed, they also find it is quite likely that the lower rates
have generated significant Laffer Curve effects – meaning the government
collects more revenue at a lower tax rate. These observations and many others
are discussed in CF&P Foundation's recent study on Iceland's tax system,
which is the fifth research paper in a series of studies examining different
tax systems from around the world
Andrew Quinlan, CF&P Foundation, said: "The CF&P Foundation study
illustrates the wisdom of good tax policy. Iceland has slashed tax rates on
productive activity and its economy is booming. The Center has undertaken this
project reviewing the tax system of other countries in hopes that policy makers
learn from the important tax changes that are taking place around the world."
Daniel Mitchell, The Cato Institute, said: "Iceland's supply-side reforms
are further evidence that lower tax rates boost economic performance and create
economic opportunity. If policy makers can build upon this success by further
lowering tax rates and reducing the burden of government spending, there is
every reason to suspect that Iceland will be one of the world's most prosperous
nations."
Veronique de Rugy, Mercatus Center, said: "Politicians from high-tax nations
such as France and Germany should visit Iceland and see that dramatic tax-rate
reductions increase economic growth and boost job creation."
Over the next few months, the CF&P Foundation will release several more
papers reviewing the tax systems of selected countries. The next study will
examine the tax system of Russia. There are plans to issue studies on the tax
regimes of Ireland, France, and the United Kingdom. The four previous published
papers in the series were on the tax systems of Sweden, Slovakia, Switzerland
and Hong Kong.
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