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September 16, 2007


Niall M

Excellent piece again Michael. Using GNP rather than GDP, Corporation Tax will come in at close to 5% in 2007. This figure is extra ordinary and is not matched anywhere else. This suggests taxable profits of €65,000M. An absolutely incredible figure.

Your friend in Finance can probably explain why, however we are I am sure he will agree that Governments are now addicted to this money flowing in without interference.

It is hard to think of any of our new rich who have made their money from manufacturing or internationally traded services.

The next few years will be hard, in particular for those countries without any real manufacturing base. The Germans with their huge industrial base, massive personal savings will have the last laugh.

Aidan OSullivan

Excellent post Michael.

- Aidan OSullivan, Secretary Labour DSE

Fergus O'Rourke

1."[I]t is only the Left that can create a dynamic economic base" is pretty radical: have you set out your case on this somewhere ?

2.There are not enough of them, but there are indeed many of our new rich who have made their money from internationally traded services. Michael O'Leary springs to mind, as does that Kerry fellow - name won't come to me - who sold his image business to Getty.


Niall, given that I don't know many rich (none at all) I can't say where they made their money from but I suspect you are right - it ain't from expanding the enterprise base, employing more people and adding sustainable value added to the economy. The rich truly are different.

Okay, Fergus, you got me. I suspect its put up or shut up time regarding setting out a new economic stall. I will try to get back to this in a few days. But please bear with me: governments since the 1930s have been banging their heads against wallls trying to get a vibrant native enterprise class off the ground. I'm not sure I can do a comprehensive job in one post.

Fergus O'Rourke

Jerry Kennelly was the man whose name escaped me yesterday. See

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