Vatican Bank President on Higher Taxes

Ettore Gotti Tedeschi, the president of the Vatican Bank, has been saying interesting things lately. In his latest comments, he offers his thoughts on the tendency of governments to address their indebtedness problems by simply raising taxes:

"During a prolonged crisis, inheritance taxes, new forms of taxation or similar alternatives reduce or wipe out resources for investments, discouraging the trust of investors, penalizing the cost of the public debt and the possibilities of its renewal at its expiration. In this context, imposing taxes on property and on income is equivalent to a suicidal anti-subsidiarity of the state to the citizen...High taxes penalize saving, generate distrust in the ability to stimulate recovery, hit families and prevent the formation of new ones, as well as creating uncertainty and precariousness in employment...In short, they lay the foundations for another phase of unsustainable development."

I really like this guy...

Here's a link to his complete comments: L'Osservatore Romano


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