NAMA or Nationalise

[Dreaded_Estate]

I ran the numbers a while back, don't ask me to find the post at this hour. Its not far off accurate however, as far as I understand it. What are you basing your numbers on?

If what Dan is saying is accurate, €25 billion revenues, we are sunk in more ways than can be contemplated. We may as well lop off half the public sector, make Donegal the 51st state, and work from there. I refuse to accept that is the case however, since recessionary waves tend to be front loaded, and we're already over the crest of the first wave. We do need to brace for the second one however. Reduce costs, increase taxes, is unfortunately the path to follow, but one that will ultimately get us where we are going, since borrowing is clearly out, at least until we have shown we are on the road to recovery.

I'm a little, but not much, more optimistic than Dan. I think revenue will be close to €30B this year and I think spending will be around €55B. €25B deficit.

The latest figures I have seen say that a 1% increase in the basic rate increases gross revenue by €500m while 1% on the top rate increases revenue by €250m. I not 100% sure but I don't think this takes into account reductions in VAT or excise.

Ireland isn't facing into a recession it is facing a depression. GDP is going to fall by about 15% from peak to trough which will put us in the top 10 depressions in the last 100 years.

[cavok]

I am BAMBOOZELED

If my income was halved I would curtail my expenditure. simple.

Cowen has NO balls, HE KNOWS he faces a 25billion deficit and yet he twiddles

60 million a day wasted forever because the piker hasnt got the balls to execute the changes required immediately

This is a crime against the Nation

Good people can not stand idly by for much longer

[youngdan]

The thinking that revenue can be increased by raising taxes is fatal at this stage and Dios if you are serious about getting a group together you should dwell on this. They are losing 350 million a year because they raised the cig taxes last year and yet added 25 cents. They knew that this 25 cents will cost the exchequer a lot of money but they couldn't help themselves. Raising taxes one place will only reduce spending elsewhere and what is needed are tax cuts. The stone is out of blood.

[Dios]

Raising taxes one place will only reduce spending elsewhere and what is needed are tax cuts. The stone is out of blood.

Set against that is the need to keep the lights on. The low tax-small government free marketeer model doesn't work, in fact its exactly what put us in this position. Expenditure can only be cut so far before there are riots in the streets, and in fairness Ireland is a fairly low tax spot anyway. Besides the US had 90% marginal taxes from the 1940s to the 1980s and that seemed to work out pretty well. Not that I'm saying we can do that here, but if you want examples, theres a working one.

[X-ray]

I take no little pleasure from the fact that the bankers are suffering. There is always a silver lining. I wouldnt throw them a lead life jacket unless I had to.

The whole thing would almost point to the existance of a god....

[Adrian Veidt]

Yes it's great that 22,000 tax payers are suffering. You're some tool....

[bormotello]

Set against that is the need to keep the lights on. The low tax-small government free marketeer model doesn't work, in fact its exactly what put us in this position. Expenditure can only be cut so far before there are riots in the streets, and in fairness Ireland is a fairly low tax spot anyway. Besides the US had 90% marginal taxes from the 1940s to the 1980s and that seemed to work out pretty well. Not that I'm saying we can do that here, but if you want examples, theres a working one.

USA at this time had a big industry, which was very difficult to transfer into another country. As soon as “Globalisation” has been invented, businesses started to run away from US. Ireland doesn’t have any significant industry and fully relies on FDI. What will be the reason for foreign investors go here?
Main idea of lower taxation here is that people will spend more and support local shops and small businesses. If taxes will be increased, people will spend less and as result it will be less money in economy.

[libertarian-right]

The thinking that revenue can be increased by raising taxes is fatal at this stage and Dios if you are serious about getting a group together you should dwell on this. They are losing 350 million a year because they raised the cig taxes last year and yet added 25 cents. They knew that this 25 cents will cost the exchequer a lot of money but they couldn't help themselves. Raising taxes one place will only reduce spending elsewhere and what is needed are tax cuts. The stone is out of blood.

You have totally pinpointed everything wrong with this countries politics in less then 5 posts. Medical card removed (strikes), pension levy added (strikes), nearly 400,000 unemployed (why isnt this group striking?), teachers striking, taxi men striking. All me feiners the lot of them. I have no faith in the irish people/voters. Majority are completely clueless to whats going on and continue to be. Why? Too many factors...

The smart people will leave this country unless you want to tackle paying off other peoples debt for decade+

[cavok]

You have totally pinpointed everything wrong with this countries politics in less then 5 posts. Medical card removed (strikes), pension levy added (strikes), nearly 400,000 unemployed (why isnt this group striking?), teachers striking, taxi men striking. All me feiners the lot of them. I have no faith in the irish people/voters. Majority are completely clueless to whats going on and continue to be. Why? Too many factors...

The smart people will leave this country unless you want to tackle paying off other peoples debt for decade+

me feiners

Thats the ROT for sure.

selfish me feiners. shoot them all

[X-ray]

Yes it's great that 22,000 tax payers are suffering. You're some tool....

I am paying for it, might as well take some good out of it. Anything I say or do will make no difference. At least it is not an industry that deserves any better.