Wednesday 26 April 2017

All our income tax is going to failed banks

As we wait for Finance Minister Brian Lenihan to tell us how many billions we will be pumping into the banks this time, let's pause to examine what it all means.

We (without being asked) have already put €11bn into the banks. Coincidentally, this is almost the exact figure the State collected in income tax for 2009. If you are a PAYE worker, just think of all the good that every cent you paid in income tax last year did.

No hospitals, no schools, no roads, no jobs. Your contribution was spent just shoring up the balance sheets of our failed banks so that they may continue to hoard capital and not lend.

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