Individual income taxes as well as corporate taxes are now far more rooted in the shifting sands of volatile business income and capital profits rather than in the terrafirma of wage income that stabilizes payroll taxes.
Mr Wormsley, Citi's main financial adviser on the deal, is accused of encouraging TerraFirma to pay more for EMI by telling Mr Hands that Cerberus Capital Management was still in the race to buy the music group.
He is back on terrafirma when he argues that the euro will put a strong wind behind the liberalisation of capital markets and will help set Europe's over-regulated economies free.