Monday, May 14, 2012

Marc Faber : You cannot Tax your way to Prosperity

Marc Faber : Well, certainly, you cannot tax your way to prosperity. I would say what ought to happen in terms of austerity is that it would reduce the involvement of government in the economy very substantially; say, in America, the tax laws now — I just read the other day, the explanation for you to fill out your tax return. It’s 86 pages long. You could simply that by just having a flat tax. Period. But of course, simplicity doesn't appeal to certain interest groups like the accountants and the tax consultants and the financial advisors and they would have to lay off people and so you make everything much more complicated. But as you just pointed out, you have an expansionary monetary policy but a restricted regulatory environment where there are more and more regulations and actually [fatal] to any business expansion. I mean I know lots of small-business men; they have no appetite whatsoever to employ people. - in The Financial NewsHour


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