Tuesday 25 July 2017

Dishing the DIRT on bondholders

DEPOSIT Interest Retention Tax, better known as DIRT, was first introduced in Ireland in the 1980s to collect revenue from the savings of those Irish taxpayers prudent enough not to borrow but to save the surplus of their earned income (received as reward for service, goods, labour or work).

But the ever-increasing unearned interest income (not earned as reward for service, goods, labour or work) of bondholders presently squeezing the life blood out of the Irish taxpayer is not subject to any tax.

Could I suggest a new tax be levied on the holders of bonds, starting with the senior and subordinate holders? It could be called BSHIT (Bonds Senior Holders' Interest Tax).

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