Vatican Bank president warns against higher taxes
Catholic World News - 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.”
An appeal from our founder, Dr. Jeffrey Mirus:
Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!
Progress toward our August expenses ($33,944 to go):
All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!