This Country is Mopping Up Trickle-Down Economics
Passenger ferry MF Finlandia, operated by Eckero Line Ab Oy, left, stands moored at the old city harbor at the Port of Tallinn, as St. Olaf's church tower, right, stands on the skyline in Tallinn, Estonia, on Sunday, Oct. 16, 2016. Oil tanker rates jumped to a four month high as traders booked the most cargoes for the time of year on record, offering signs that Middle East producers could be adding barrels to the market just before OPEC embarks on its deepest output cuts in eight years.
Andrey Rudakov/BloombergMore than two decades after unleashing Europe’s first flat tax, Estonia is calling it a day.
Part of market reforms to aid transition from 50 years of communism, the Baltic nation adopted universal levies for business and personal income in 1994, a move that was later copied by peers including Hungary, Romania, and Russia. But what was lauded as a measure to boost the economy has fallen from favor, after inequality grew and rapid growth fizzled out.