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The recent economic crisis and taxation in the advanced countries - especially in the European nations - are linked in several ways. The tax systems may have exacerbated the crisis, and this raises the question of the need for a better system of taxation in certain economic sectors, especially in the banking sector. It is worthwhile examining the various different effects of the crisis on different kinds of tax revenue, as a result of both the automatic stabilizers and the discretional measures which were adopted to sustain the economies. The authors are going to show that while the former have had a relatively substantial impact, the latter have been of negligible effect.
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