Wednesday, 24 November 2010

Ireland bankrupted: capitalism wins

The Irish government's budget has been announced: cuts in public services, cuts in pensions, cuts in welfare benefits, the income tax threshold brought down to €15,000, cuts in the minimum wage (because obviously the poor caused the recession).

There is good news though: corporation tax is staying at 12.5% (as opposed to the 25%+ current in every other European and Western nation).

So that's alright. Corporations can continue to channel their disgraceful tax evasion funds through Ireland while beggaring that country and their countries of origin. Their reckless behaviour bankrupted Ireland and the rest of the global economy, and yet they're still being treated like favoured guests. A tax rise to 15%-20% would still be lower than most other countries and attract corporations, while making a huge difference to Ireland's economy.

Is anyone else bothered by this? Making the poor suffer to bail out banks and the rich?

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