While our tax code is as wacky and complex as ever, Romania has adopted a flat 16 percent tax on personal and business income. The old personal income tax had five rates, the bottom one kicked in at 18 percent of income and the top at 40 percent. In pre-flat days, the business profits tax was 25 percent. It’s another example of another nation getting its act together while we twiddle our thumbs. Reasserting ourselves as the land of dynamism and innovation would help a lot more than grumbling about outsourcing. Even formerly communist nations are learning how to compete:
In related news, North Korea has also caught flat fever, but in more of a totalitarian kind of way. It announced that the “flat-top crew cut” is one of four acceptable haircuts for men. The others are: “middle hairstyle,” “low hairstyle,” and “high hairstyle”. Turns out that long hair on men is a sign of a corrupt capitalist lifestyle.