Posted: Mar 30, 2014 7:03 pm
by laklak
Meanwhile, in the Socialist Island Paradise of Cuba, steps are underway to "update" their economic model. Wholly foreign owned companies are now allowed, corporate tax rates have been cut in half to 15%, new companies will be totally exempt from taxes for the first 8 years, foreigners working in Cuba are exempt from Cuban income tax, and hundreds of thousands of Cuban citizens are now opening their own, privately held businesses. There are a couple of caveats - corporate tax rates for companies exploiting natural resources like petroleum or nickel mining pay income tax rates much higher, as high as 50%, and health care and education are not open for foreign investment.

GASP. Cuba is now more business friendly than the United States. Whooda thunk it? Does this mean that the much admired Cuban Socialist model is (dare I say it) a miserable failure? That the way forward is an even more Libertarian approach than the U.S.? Say it ain't so, Joe (Stalin)! What next? Personal wealth passed down the generations?