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State must revise fiscal strategy immediately to avert disaster

Peter Sutherland in the Irish Times 24th February 2009

…In this fragile environment, it is imperative the Government revises its fiscal strategy within a very short time horizon. In particular, it needs to front-load the correction in the public finances, with more action taken to reduce the 2009 and 2010 budget deficits.

In line with the broad consensus across the social partners, this must include a significant increase in the tax burden. This cannot wait until the 2010 budget, as is the current wish of the Government. While the Commission on Taxation may well have good ideas for expanding the tax base, much of the adjustment involves the existing set of tax instruments, and the process of reducing tax bands and increasing tax rates can begin immediately….Link to full article

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