July Tax and Deficit

Économiste Monétaire

Tax revenue collected was €19.201bn (the current account), and €1.411bn in the capital account. The overall Exchequer deficit for the first 7 months of the year comes to €16.439bn—that's 2.58 times the amount of income tax received.

mike65

Dismal just dismal. You can't help but fear we are now in a vicious circle. Fewer people working, dole queues still growing quickly (bring back the 80s whenh everyone could leave), massive car and house shaped tax hole.

Where does the chink of light come from?

eamonnm79

The Governments stratagy of bringing in mainly tax increases in the last budget and spending cuts in this one seems to have been a mistake.
The fact the deficit is so big already this year is very worrying especially when they frontloaded some of the corpo tax.
The deficit predicted for the year looks way off.

eamonnm79

Looking On Irish Economy Brian Lucey recons the deficit is looking likely to be around 30 Billion.

I believe originally the government was thinking it would be between 20 and 25 billion for this year and that we should reduce the Deficit by 5billion a year.

Now it looks like we are starting from a worse stand point.

Add to this the long term bond repayment schedule starting in 2011 at 4.6 billion.

Add to this the lack of impact of any of the tax measures on the numbers.

This is looking very very ungetoutable!

What Homer simpson considered to be the two sweetest words in the English language come to mind. De, Fault.

Al_Fernz

mike65 wrote: »

Where does the chink of light come from?

I'm placated somewhat by the very stylish graph.

ei.sdraob

jebus things just get worse and worse dont they

blucey

eamonnm79 wrote: »

Looking On Irish Economy Brian Lucey recons the deficit is looking likely to be around 30 Billion.

I believe originally the government was thinking it would be between 20 and 25 billion for this year and that we should reduce the Deficit by 5billion a year.

Now it looks like we are starting from a worse stand point.

Add to this the long term bond repayment schedule starting in 2011 at 4.6 billion.

Add to this the lack of impact of any of the tax measures on the numbers.

This is looking very very ungetoutable!

What Homer simpson considered to be the two sweetest words in the English language come to mind. De, Fault.

Panic ye not...we got out of the 1980's.....

Tech3

eamonnm79 wrote: »

I believe originally the government was thinking it would be between 20 and 25 billion for this year

Just like they predicted unemployment will be around 450,000 at the end of the year. Its already 420,000 and thats only for the July figures!