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Thread: Portugal's Jan-Nov tax revenues fall 5.8 pct

  1. #11
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    Re: Portugal's Jan-Nov tax revenues fall 5.8 pct

    Quote Originally Posted by poweRob View Post
    Interesting how you somehow are very
    positive that the decline in revenue is because of the tax hikes... not the huge recession mentioned.
    Seriously dude ?....unbelievable.

    They RAISED taxes in a recession and its cost them revenue.

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    Re: Portugal's Jan-Nov tax revenues fall 5.8 pct

    Quote Originally Posted by Fenton View Post
    Seriously dude ?....unbelievable.

    They RAISED taxes in a recession and its cost them revenue.
    The data given is insufficient to make that determination. One thing happened, then another thing happened, but this is not proof the first thing caused the second thing.

    An economy is very complex. To make such a declaration of fact with so little information is absurd.

    Post hoc ergo propter hoc. "After this, therefore because of this." It's a fallacy for a reason.
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    Re: Portugal's Jan-Nov tax revenues fall 5.8 pct

    Quote Originally Posted by Deuce View Post
    The data given is insufficient to make that determination. One thing happened, then another thing happened, but this is not proof the first thing caused the second thing.

    An economy is very complex. To make such a declaration of fact with so little information is absurd.

    Post hoc ergo propter hoc. "After this, therefore because of this." It's a fallacy for a reason.
    I don't know... Portugal RAISED TAXES and Super Storm Sand hit our East coast. It happened at the same time! It's irrefutable.
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    Re: Portugal's Jan-Nov tax revenues fall 5.8 pct

    Quote Originally Posted by Fenton View Post
    Seriously dude ?....unbelievable.

    They RAISED taxes in a recession and its cost them revenue.
    They cut public spending much more... that cost them revenue via taxes of the people who lost their jobs because of cut backs in the public sector.
    PeteEU

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    Re: Portugal's Jan-Nov tax revenues fall 5.8 pct

    If one is relying on empirical data, it is too soon to make such a call.

    First, the tax increases were adopted in October: UPDATE 5-Portugal launches tax hikes, enters bond market | Reuters
    Second, prior to those tax increases, revenue had missed targets: Portuguese Economy Contracts for Eighth Straight Quarter - Bloomberg.

    The second point illustrates the impact that a prolonged recession has been having. Austerity (tax and spending side) creates an economic drag. Therefore, the recession could initally be amplified and extended by the austerity measures. That development would have a second-order effect on tax revenue.

    The critical question afterward will be whether Portugal will emerge from the recession with stronger finances e.g., will Portugal stablize and then reduce its debt relative to GDP in the medium-term. That, ultimately, will be the measure by which Portugal's austerity program is judged.

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