The proposal by the Progressive Democrats that a minimum 20 per cent tax rate should be introduced for the rich is an old idea, previously suggested by Fine Gael. They in turn borrowed it from the US Republicans who introduced it in the United States 35 years ago.
It appears to be a catch-all, a vote-winner which would annoy only the super-rich who currently pay little or no taxes.
No amount of obscure investments in capital write-offs...
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