“The International Monetary Fund (IMF) quietly dropped a bomb in its October Fiscal Monitor Report. Titled ‘Taxing Times,’ the report paints a dire picture for advanced economies with high debts that fail to aggressively ‘mobilize domestic revenue.’ It goes on to build a case for drastic measures and recommends a series of escalating income and consumption tax increases culminating in the direct confiscation of assets. If ever there were a roadmap for prompting massive capital flight and emigration of productive citizens toward capitalism’s nascent frontiers in Asia, this is it.”
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