June 2, by Dan Mitchell. I wonder whether October 3, , was the worst day in American history. The top rate was only 7 percent when Woodrow Wilson approved the income tax, and the tax only applied to the very richest Americans.
But as is so often the case, taxes on the wealthy are a precursor to taxes on the rest of us. No income tax, by the way, means no income tax.
No capital gains tax , either. The main source of revenue is a value-added tax , generally about 20 percent, along with a tax on business income, but only if a substantial share is earned outside Monaco.
Here is the data from the United Nations on per-capita economic output. But leading the list is Monaco. It also means some spin-off employment for France. Every day some 41, people come from outside to go to work and all these non-Monegasque nationals, most of whom are French, depend on our economic success. By the way, the unluckiest people in the world are the residents of Roquebrune and Menton in France.
In addition to zero income tax, Monaco also apparently has widespread gun ownership. What a great place. Monaco is in 5th-place for per-capita readership of International Liberty , so the people are both prosperous and discerning!
