Wednesday, July 04, 2012

A step backward in economic policy?

From a leading French business leader, discussing the new administration's proposals to tax corporate business activity and individual wealthy:

“The question is how to achieve these goals? There is no example, in modern economic history, of a country that has succeeded in reducing its deficits by bringing taxes to a confiscatory level. On the contrary, it leads to a decline in activity, and an increase in the deficits.”

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