Today we talk with an American economist, historian, author, and columnist. He is professor emeritus of economics at Ohio University and senior fellow at The Independent Institute. Our topic is Russia under Putin. Our guest sees a Putin I and a Putin II. Putin I spans the time of 2000 - 2008. During that time in Russia, GDP rose annually 7.2% per year. During this time, Russia adopted a popular low flat-rate income tax, with a 13 percent rate. This policy was recommended to Putin by a group of 5 economists that met in Russia with its leaders, including Putin. No surprise, that was one of the key reasons that the economy took off and was really good for a while. Not surprisingly, the dramatic reduction in income tax rates, led total tax revenues to rise sharply! Within two years of the introduction of the new tax code, tax revenues had risen by 50 percent! The underground economy shrunk dramatically. We talk about this and our guest makes applications to America and looks at some states which have no general state income tax. These states by and large, are thriving. People are leaving the tax-heavy states for the more freer states. Putin II covers the years 2012, and 2014-2019. Putin II has not been a promoter of freedom nearly as much and the country is suffering. They also had the COVID pandemic to contend with. Under Putin II, the GDP rose by only 1% per year. Participants: Dr. Richard K. Vedder and Dan Elmendorf.