Friday, October 23, 2009

Missed Opportunity

Macario Schettino says that while the basket of new taxes agreed to in the Chamber of Deputies is a one-year balm, the 2 percent tax had the potential to establish a long-term revenue source to replace oil:
What the legislators, and many Mexicans, haven't been able to understand is that an era has ended. Oil has run out, and we won't be able to finance our expenses with the revenue that it generated. Production still is sufficient for internal consumption, and we can still export, but in decreasing amounts. But now we have to finance our spending with taxes, and that hasn't happened for 45 years, which means that no one can remember how to do it.

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