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Mark M's avatar

Elections, as you often say Chris, have consequences, and in today's global geopolitical and economic landscape Ireland's general election this week will have enormous consequences. All parties are promising significant spending growth - many of these commitments will not be achieved given the coming transatlantic economic storm from President-elect Trump's tariff and tax plans . One party here stands out amongst the three larger parties as planning to dramatically narrow our tax base, pile more taxes on fewer people and pump spending up to what can only be described as astronomical levels. The money simply will not be there. To describe Sinn Féin's economic plans as undeliverable is a reasonable position given what we now know. Mr Trump is well into implementing his promises, appointing a cabinet based on fealty to him and his public electoral commitments. He will impose high new tariffs on imports and he will reduce corporation tax in the US. He will demand the return of foreign investment by US companies to their homeland. The result will be that US companies in Ireland and elsewhere will be highly incentivised to move at least some of their investments back home. FDI executives, managers and higher earners will be primed to return to the US if Sinn Féin is in pole position after the general election. This incentive is undeniable given Sinn Féin's public commitments to target higher earners by piling more taxes on them. Our Department of Finance knows that it will take only a small quantum of international capital flight from Ireland to collapse our tax take. Sinn Féin knows this too, but if elected, it will go ahead with its plans to significantly narrow our tax base and pile more taxes on the few who already deliver Ireland's highly progressive taxation and welfare systems. The top 5% of taxpayers already pay over 48% of all income tax and USC collected in Ireland - a staggering imbalance.

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Tonelagee's avatar

Having read Adams' article as well, I'd agree with most of the thrust of your piece Chris. I remember Adams during the election debates of 2016 and he was badly exposed as not being very economically literate. Although it's time to retire your tired trope about a 'dystopian hellhole'!

What I find interesting about this election campaign is that there seems to have been no debate about Northern Ireland, neutrality, defence, no vision articulated about what our country and society could or should look like in 10, 20, or 30 years time. Referring to one of Adams' points, we have no visionaries in our parliament. Our world is changing quickly, and the preposterous situation that we are siphoning of the taxes of multinational companies based on economic activity outside our jurisdiction to maintain our standard of living is not sustainable.

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