We commented a few days ago about some of the more bogus claims surrounding Reagan’s tax cuts and the Laffer curve. The Flat Tax Prophets (FTP) are never far however, and Bush’s tax cuts have done little to curb their enthusiasm.

Steve Forbes writes in a July issue of Forbes about Russia’s flat tax. And what a success story it’s been!

“Russia enacted a flat tax two years ago, and it’s been a roaring success. The Russian bear has turned into an economic bull.“

Russia’s flat tax took effect in January 2001, and its economy grew by 5.3% that year In 2000, before the flat tax took effect, Russia’s economy had grown by 8.3%. In 2002, the Russian economy grew by 4.3%. For the last 12 months Russian economic growth was 5.2%. What about some other emerging markets you wonder? China 9.9%, India 4.9%, Thailand 6.7%, Turkey 8.1%, and Argentina 5.1%.

Some bull.