Look at corp tax creeping up beside income tax!........I've said it before and I'll say it again.......Ireland is now a two times levered SPY or QQQ mutual fund.......our public finances are basically predicated on record profit margins & current market positioning persisting at a handful of mega-cap companies.....some of those companies - Apple, Microsoft, Google - seem invincible but so too did Eastman Kodak in its day.
There's a deeply troubling operational leverage inherent in our economic model that could go in reverse very very quickly........I haven't seen the analysis but suspect a huge proportion of income tax receipts are also coming from SPY/QQQ company employees too......
Very dangerous stuff to do what we're doing with the public finances.....Ireland has infrastructure deficits, no doubt about it.....and money has to be thrown at this for sure...so no problem with one time capital expenditure...the spending commitments being directed on current and future expenditure is going to put future governments and future generations in a tight spot.
Maybe Pascal when he's IMF chief in the future can fly back for a couple of days to give us a dig out!