A Quote by Michael Hudson

Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit. And when governments are indebted, they becomemore subject to pressure to privatization of public enterprise.

Michael Hudson

Quote Topics

Assets Budgets Creditors Debtors Deficit Enterprise Forcing Governments Income Indebted Pressure Privatization Public Revenue Shrinks Subject Sucked Tax Then Upward

Quote Author

Michael Hudson
American - Professor
Born: 1939

The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a hard tax to evade. So it makes the job of raising revenue easier. The revenues from the VAT can then be used to lower taxes on income and saving and investment. The Value-Added tax doesn't penalize work or saving; it's a tax on buying stuff.

T.R. Reid

My own views on all matters of public revenue and public expenditure are conditioned by an acute appreciation of whose is the sacrifice that produces public revenue and to whom accrues the benefit of public spending.

John James Cowperthwaite

Today, the Indian government is trying to present privatization as the alternative to the state, to public enterprise. But privatization is only a further evolution of the centralized state, where the state says that they have the right to give the entire power production in Maharashtra to Enron.

Arundhati Roy

I think the problem is, if we foreclose any public justice, then we cut off the virtuous cycle that's represented by law, where there are public decisions which then deter misconduct in the future. We need to have both. We need to have private dispute sy-, systems, and we need to have public dispute systems.

Martha Minow

We must end the iniquitous multi-taxing of the same money. It is not right to tax people's incomes, then their savings on that income, to tax the movement of assets through capital gains tax, stamp duty and tax them again through inheritance tax if they have the audacity to die.

Liam Fox

Public demand for better services requires increased revenue, but international market competition for capital and labour drives down the ability of any one country to raise either corporate or personal income tax.

Barry Gardiner

Privatization of assets that most of us consider public goods - like airports and highways - has a long, often-uncontroversial history.

Bethany McLean

Indeed the three policy pillars of the neoliberal age-privatization of the public sphere, deregulation of the corporate sector, and the lowering of income and corporate taxes, paid for with cuts to public spending-are each incompatible with many of the actions we must take to bring our emissions to safe levels.

Naomi Klein

In almost every enterprise, government has provided business with opportunities for private gain at public expense. Government nurtures private capital accumulation through a process of subsidies, supports, and deficit spending and an increasingly inequitable tax system.

Michael Parenti

[I believe in] the throne...parliamentary institutions...private enterprise and individual opinion against the socialization of the state...equity in the distribution of public burdens and strict maintenance of public faith with the creditors of the state [and] a fresh guarantee of peace by an alliance with France and...Belgium for the defence of our common interests against unprovoked attack.

Austen Chamberlain

We can applaud the state lottery as a public subsidy of intelligence, for it yields public income that is calculated to lighten the tax burden of us prudent abstainers at the expense of the benighted masses of wishful thinkers.

Willard Van Orman Quine

A society - any society - is defined as a set of mutual benefits and duties embodied most visibly in public institutions: public schools, public libraries, public transportation, public hospitals, public parks, public museums, public recreation, public universities, and so on.

Robert Reich

One would expect that private property taken by eminent domain would become land available for public use such as parks and roads. Unfortunately, this decision creates a loophole for government to manipulate the definition of public use simply to generate greater tax revenue.

Jim Ryun

Privatization radically alters power relations in our society by weakening groups like public employees and public school teachers.

Nancy MacLean

Global governments should start seriously talking about the creation of a World Tax Authority with the mission to ensure that tax systems will deliver for the public interests in all countries.