You want growth? Raise taxes

Asia will need to raise its tax collections if it wants to achieve higher economic growth, world-renowned economist Jeffrey Sachs said during an Asian Development Bank governors’ seminar on Thursday, May 3. Sachs says taxes are the price one pays for civilization. “You need to spend enough for health for the poor, education, infrastructure, science and technology,” he said. “The U.S. doesn’t do this any more. That is why we have a chronic fiscal crisis.” Sachs was one of the bets for the lead World Bank post this year, but he withdrew his nomination in support of U.S. nominee and now World Bank president Jim Yong Kim.

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