Click here to advertise on CatholicCulture.org

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.”

Additional sources for this story
Some links will take you to other sites, in a new window.

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 February expenses ($32,217 to go):
$35,000.00 $2,782.59
92% 8%
Sound Off! CatholicCulture.org supporters weigh in.

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!

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...

Subscribe for free
Click here to advertise on CatholicCulture.org
Shop Amazon

Recent Catholic Commentary

The common good: isn't that just a weasel word? 12 hours ago
St. Katharine Drexel shows how spiritual poverty and submission to Providence go hand in hand 13 hours ago
The Human Mix of Good and Evil January 30
Conscientious objection to vaccinations January 30
Can Islam confront its problem with violence? January 30

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis names 20 new cardinals CWN - January 5
In ‘state of the world’ address, Pope decries ‘throwaway culture’ CWN - January 12