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Taleb criticises tax breaks for 'poor performance'

20th August 2009

A leading US academic has criticised president Barack Obama's approach to taxation during the recession.

New York University professor Nassim Nicholas Taleb, dubbed David Cameron's new intellectual guru, believes that it is wrong to give tax breaks to businesses that are failing.

Speaking to the Guardian, he said that doing the 'wrong thing' could prevent the US economy from evolving.

Professor Taleb said: 'If you are making money in 2009 - that means you have a robust business in the cycle - you are paying more taxes.

'If you are losing money in 2009 you get a bigger tax break. It is the opposite of everything I believe in.'

Nassim Nicholas Taleb's The Black Swan has attracted praise from Conservative Party leader David Cameron.

The book tracks the history of economic crisis, arguing that the impact of highly improbable events such as market crashes are impossible to predict, suggesting that we should stop trying to forecast everything.

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