March 29, 2024

News Cymru

Two sides to every headline

Greek Government Gets Less Revenue from Higher Taxes

Something that has been said over and over again. When a government increases taxes it’s revenues actually decrease and so Greece has again proved the point.

Just a few days after the passing of the implementation law, budget figures for the month of June show a new gap of up to 4.5 billion euros, up from 3.2 billion in the year to May, while the central government deficit widened 28 percent in the first half of 2011, according to preliminary data released on Monday by the Finance Ministry.read the full article here

According to President John F. Kennedy:
Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just as it will never produce enough jobs or enough profits… In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.

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