New Wealth Tax Would be a ‘Catastrophic Error’
30 June 2024
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Energy and Environment
In the Media
Lifestyle Economics
15 November 2024
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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