By Robert Frank
The opinions expressed are his own.
“All taxation is theft.”
“It’s your money and you know how to spend it better than any bureaucrat in Washington.”
If you want less of something, tax it.
That truism is often used as an argument against a tax on profits, or health benefits, or employment, but in the case of the rents extracted from the economy by the financial services industry here’s hoping it proves more of a promise than a threat.
LONDON, Dec 8 (Reuters) – China’s decision on Friday to link domestic fuel prices to the international price of crude oil, but increase consumption taxes on gasoline and diesel sharply to spur more efficient use of energy in the medium term, raises the question whether the incoming Obama administration might be tempted to do the same.