Vatican Bank president warns against higher taxes

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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