Tuesday 17 October 2017

The true cost of a No vote

Yesterday, a day after Finance Minister Michael Noonan's referendum misstep, it was the turn of the No campaign to put its foot in it when People Before Profit TD Richard Boyd Barrett conceded that Ireland would have to raise taxes by more than €10bn in the event of our rejecting the fiscal compact treaty and being unable to access the EU's permanent bailout fund.

Vigorously pulling figures out of the air, the hard-left TD said the imposition of a wealth tax would raise an extra €10bn in revenue while increasing income taxes on those earning more than €100,000 would, he claimed, raise a further €1bn to €2bn.

Responding to Mr Boyd Barrett's call for massive tax increases, Tanaiste Eamon Gilmore described it as "lunatic economics". We find it hard to disagree.

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