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Firedoglake – Ireland’s Savage Austerity

From Firedoglake:

Ireland’s Savage Austerity

By: David Dayen Wednesday November 24, 2010 8:03 am

If you thought the Irish government couldn’t possibly close its budget deficit without raising its obscenely low 12.5% corporate tax rate, you were wrong. The austerity program leaves the corporate rate untouched, balancing the budget on the backs of the people instead. Ten billion in euros come from spending cuts, and five billion from tax increases, mostly to the VAT, a regressive sales tax, as well as the income tax. The cuts go to public infrastructure payments, public sector pay and pensions, and welfare. Oh, and they shaved one euro off the minimum wage, for good measure.

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