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Pitt opposed the tax (which was levied anyway).
"This is a tax which affects so many of us.
*Charging customers the tax, which the merchant then pockets.
Inflation is a distortionary tax, which poses certain costs on the economy.
He envisioned a dedicated stream of funding, like the gasoline tax, which pays for highway maintenance.
The big problem is income tax, which accounts for just over a quarter of government revenue.
Tobin envisaged a global tax, which was impossible to avoid by moving financial markets offshore.
We're also focusing on corporation tax, which is payable based on profits.
One is a carbon tax, which this paper has long advocated.
An alternative is a value-added tax, which all other OECD countries have (see article).
Thanks to a double-taxation treaty firms can reclaim withholding tax which they probably never paid.
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