Taxes on effort and risk taking

This is a Samizdata quote of the day. I felt it needed repeating:

I believe taxes - of all kinds - should be kept as low as possible and that the pressure to get them down should be relentless... Taxes on income are taxes on effort, work and entrepreneurship. Taxes on capital are taxes on investment and risk taking. But it is effort, work, entrepreneurship, investment and risk taking that we need to continue to grow our economic base.

Charlie McCreevy, European Commissioner.

Hat Tip to samizdata.net