Having no income tax isn't rocket science.
It's already done in other countries.

http://www.taxrates.cc/html/cayman-islands-tax-rates.html

"There is no income tax, corporate tax, sales tax, capital gains tax, wealth
tax, inheritance tax, property tax, gift tax or any other kind of direct
taxation in Cayman Islands. This is one of the most significant reasons that
Cayman Islands has attracted the registration of many offshore businesses
(about 50,000) from all over the world."


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