We are seeing serious shifts in the predicted tax revenue from the state: from 39b (budget), to 37b(stability pact addendum), to 34b (last week), now to 32b (cowans implied level from his 2002, 2003 comment).
Whats interesting is that this new level of tax was forecast back in January/early Feb on at least two or three seperate occasions (see True Economics: DofF Forecast: Update II ; The Irish Economy Blog Archive The Government’s Plan )
So, given that the March exchequer figures are likely to be as horrendous as the feb were, where do you think the tax take for the year will end up? Sub 30b is eminently possible imho.