Wednesday May 27, 2020

Now is the time for subsidies and support, not for tax reform

Downturns provoke a clamour for tax reform, and while borrowing will hopefully see us through this year‘s emergency, changes will eventually have to be made, but not yet

24th May, 2020
We find ourselves in something of a phoney war, a period of stabilised abnormality.

The late US president, Ronald Reagan, had a simple maxim about government's view of the economy. If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidise it.

The coronavirus has thrown this maxim into action. Everything has stopped moving in the economy and must now be subsidised. No less a body than the European Commission formally recommended last week that Ireland “take all necessary measures to effectively address the...

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