  Based on experimental mass hierarchy, a set of flavor-democratic (FD) quark
mass matrices at low energies is discussed. The model predicts CP violation
parameters $J_{CP}=(0.3 \pm 0.2) 10^{-4}$ and ${\epsilon'/\epsilon} = (0.6 \pm
0.5) 10^{-3}$. However, this simple FD model also predicts a physical top quark
mass not much higher than 100 GeV. As a next step, we assume that the Standard
Model (SM) breaks down around some high energy $\Lambda$, and is replaced by a
new FD flavor gauge theory (FGT). This possibility can be investigated by
studying renormalization group equations for the Yukawa couplings of the SM
with two Higgs doublets for various $m_t$ and VEV ratios $v_U/v_D$. With
appropriate flavor-democratic boundary conditions at $\Lambda_{FGT}$, bounds on
masses of top quark and tau-neutrino are derived, which are compatible with
experimental bounds.
