By Joshua Lipana
The Agence France-Presse recently reported that the Asian Development Bank is championing higher tax rates in Asia.
Asian countries need to increase taxes and improve their collection systems if they want to raise enough funds for much-needed social welfare programmes, an ADB study released Tuesday said…
“The review of tax policy… makes it clear that there is ample margin for higher tax levels in Asia through more direct taxation, especially private income tax,” the report by economics professor Jorge Martinez-Vazquez said.
The ADB’s advocacy for more confiscation of wealth is immoral and contrary to prosperity.
It is entrepreneurs and businessmen that drive economic growth, to confiscate what they’ve earned is an injustice and will hamper their ability to expand their respective ventures, thereby lessening job creation and productivity.
Asian countries, like all countries, should have the lowest possible tax rates.
This is because a low tax rate encourages foreign investment, creates a better environment for job creation, encourages businesses to expand, and most of all it allows people to keep more of what is rightfully theirs; the fruits of their labour.
I, without any reservation, oppose this call for more confiscation of wealth.