Doug Mackenzie wrote:
>
> Such things are not fixed in stone, and vary according
> to context. I suspect that a land/resource tax might
> generate "enough" revenue in Saudi Arabia.
If a tax on oil was anticipated, it would reduce the incentive to search
for oil. The larger the tax, the lower the incentive. Oil may be a "gift
of nature" but that "gift" must be discovered. Take away the reward for
discovery and you take away the discovery itself.
Surely George did not have in mind taxing desert land. If he did, the
implication would be that he advocated reducing the economic growth
associated with the discovery and use of natural resources.
Pat Gunning