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Vatican Bank president warns against higher taxes

CWN - August 29, 2011

The president of the Vatican Bank is warning that higher taxes are not a solution to the current economic crisis.

“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,” writes Ettore Gotti Tedeschi. “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,” he adds. “In short, they lay the foundations for another phase of unsustainable development.”

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Show 2 Comments? (Hidden)Hide Comments
  • Posted by: filioque - Aug. 29, 2011 8:10 PM ET USA

    Now if someone would just tell the U.S. bishops.

  • Posted by: - Aug. 29, 2011 10:41 AM ET USA

    Bingo, Ettore! I just got through reading youir views as printed in the New York times, I think. Oh, wait...

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