To achieve widely needed tax reform, governments must demonstrate the benefits that tax revenues make possible, according to IMF Managing Director Christine Lagarde and other panelists at the annual meeting of the IMF and World Bank Group in Washington on October 9. Lagarde said expanding debt in developed countries has reached a point where finances must be rebalanced in order to avoid potential destabilization, but that rebalancing will gain political support only if taxpayers see an overall benefit. Furthermore, "developing countries have urgent needs that the state can address -- but only with enough revenue," she said.
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