Towards a reform of France's ISF wealth tax and general regime for the taxation of personal estates

“In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself imultaneously with its cause — it is seen. The others unfold in succession — they are not seen: it is well for us, if they are foreseen.Between a good and a bad economist this constitutes the whole difference: the one takes account only of the visible effect; the other takes account of both the effects which are seen and those which it is necessary to foresee. Now this difference is enormous, for it almost always happens that when the immediate consequence is favourable, the ultimate consequences are fatal, and the converse. Hence it follows that the bad economist pursues a small present good, which will be followed by a great evil to come, while the true economist pursues a great good to come, at the risk of a small present evil.”

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Article from La Revue fiscale du patrimoine n°4, april 2016

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Expertises of Éric PICHET

Researcher, Professor of Economics and Finance, Postgraduate Programme Director, Author, Independent Board Member. Discover Éric PICHET’s world.

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