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Soon the low-earners will have no income left to tax

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The reality is that many farming households are asset rich, but often cash poor.

The reality is that many farming households are asset rich, but often cash poor.

The reality is that many farming households are asset rich, but often cash poor.

Word has it that there could be welcome surprises in the next Budget, as Fine Gael and Labour try to win back public support. We are on target to get our balance of payments deficit to 3 per cent of GDP by 2015 and we could do it without the planned €2bn austerity that's on the cards; €1bn is probably all we need. We'd be financially stronger with €2bn, but at what cost and who would pay?

Michael Noonan will ease up on austerity if the economy is settling down. He will raise one third of what we need from higher taxes and the rest will come from spending cuts. He has some tricks up his sleeve to deliver what we promised, but the EU won't be satisfied with that. It's time to rebuild our own economy and the EU should cut us some slack. We've shown that we know what to do; now it's time to let the rest catch up.


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