Smart Taxes & Money

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The global economic crisis- Dublin’s contribution

The Irish government is guilty with others in hosting tax havens that contributed to the global financial crisis.

The ERSI describes  the part of the Irish fiscal crisis due to global factors as ‘non-structural’ and recommends here that the  government basically ignore these factors and focus on the domestic ‘structural’ issues, betting on a free ride, or automatic adjustments when the global economy picks up.

But it turns out that Dublin’s financial centre has contributed in no small way to the wider global fiscal crisis according to this report by the Tax Justice Network by hosting a substantial number of hedge funds in the Financial Services Centre.  By the logic of agency invoked by the ESRI, Ireland’s contribution to the global financial mess should be addressed in the coming emergency budget.  This means ending the privileges hedge funds enjoy under our tax system.

Posted by on March 28, 2009.

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Categories: Money Systems, News

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About Smart Taxes & Money

The purpose of the Smart Taxes & Money network is to develop fiscal and monetary policy options to foster sustainability in Ireland.

The Smart Taxes & Money network originated in 2009, as a result of a funding allocation from the Irish Department of the Environment. The funding was discontinued in 2012; however, the website remains as an extensive archive of the network’s work.