tax

With America’s Republican presidential candidates lining up to declare their fealty to a flat tax – a system of personal-income taxation that assesses a single rate for all – opponents have focused on why it is a bad idea to raise taxes on the poor in order to reduce them for the wealthy. But, if a flat tax is such a bad idea, why have so many countries embraced it?

The current crisis in the eurozone is known around the world as the “euro sovereign-debt crisis.” But the crisis is really about foreign debt, not sovereign debt.