New Wealth Tax Would be a ‘Catastrophic Error’
30 June 2024
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Tom Clougherty quoted in The Telegraph
IEA Executive Director Tom Clougherty has been quoted in The Daily Telegraph criticising calls for a new global 2% wealth tax.
Tom said:
“You want successful businesses and entrepreneurs to reinvest their money and grow bigger and better and more productive businesses. This is the point – this is where the wealth generation and the economic progress and the technological progress comes from.
“If global governments did start heading down this road, they would be making a catastrophic error.
“The effect would be to impoverish us in the long run, so even if you did raise more tax revenue in the short-term, longer-term you would still be missing out because the pie you are carving a slice out of will be a lot smaller.”
Read the full article here.
Tom said:
“You want successful businesses and entrepreneurs to reinvest their money and grow bigger and better and more productive businesses. This is the point – this is where the wealth generation and the economic progress and the technological progress comes from.
“If global governments did start heading down this road, they would be making a catastrophic error.
“The effect would be to impoverish us in the long run, so even if you did raise more tax revenue in the short-term, longer-term you would still be missing out because the pie you are carving a slice out of will be a lot smaller.”
Read the full article here.
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