The Man Behind the Hong Kong MiracleThe Freeman
Feb. 11, 2014
NSA Whistleblower Says NSA Spied On Congress, The Supreme Court And Trump
Antifa Thugs Beat Down & Arrested For Attacking Trump Supporters At Huntington Beach Rally
CNN Caught Faking Another "Live" Interview With Congressman?
France: Muslims Pray In Streets Of Paris To Protest Mosque Closure
Carlson: "U.S. Has Imported A Foreign Criminal Class That Operates A Multi-Billion Dollar Drug Trade"
Three cheers for Hong Kong, that tiny chunk of Southeast Asian rock. For the twentieth consecutive year, the Index of Economic Freedom—compiled by The Wall Street Journal and the Heritage Foundation—ranks Hong Kong (HK) as the freest economy in the world.
Though part of mainland China since the British ceded it in 1997, HK is governed locally on a daily basis. So far, the Chinese have remained reasonably faithful to their promise to leave the HK economy alone. What makes it so free is music to the ears of everyone who loves liberty: Relatively little corruption. An efficient and independent judiciary. Respect for the rule of law and property rights. An uncomplicated tax system with low rates on both individuals and business and an overall tax burden that’s a mere 14 percent of GDP (half the U.S. rate). No taxes on capital gains or interest income or even on earnings from outside of HK. No sales tax or VAT either. A very light regulatory touch. No government budget deficit and almost nonexistent public debt. Oh, and don’t forget its average tariff rate of near zero. That’s right—zero!