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too much of 'structured finance' is about exploiting differences between corporate tax regimes in different places, or between the tax and accounting rules. This is not productive work by any meaningful definition, even though it can be very profitable.

Universal progressive income taxes together with VAT (a form of sales tax) is a lot more effective, and VAT can be made progressive enough by having different rates for specific product categories, like food.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Sun Sep 21st, 2008 at 12:49:24 PM EST
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