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A view from a voice of enterprise! June 15, 2017

Posted by WorldbyStorm in Uncategorized.
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Michael Murray in the SBP business section had ‘an open letter to Leo Varadkar’. Lovely reading it made too. And entertaining given the weekend that was in it! For he argued Varadkar should go straight to an election. Yeah. Well. Maybe he will. But maybe he won’t.

But it was his financial advice that was truly interesting. For he was arguing strenuously for CGT to be cut. He gave various examples where cuts in it had delivered increased revenue, concluding:

Increasing the CGT rate in Ireland was the sort of stupid socialist measure of which one of your predecessors – the former FG Taoiseach Garret FitzGerald – was so keen on – a higher tax rate delivering a lower tax yield.

Well, he reminds me of all those wedded to Laffer curves, apparently oblivious that there may be many Laffer curves and that they may function differently at different times.

Meanwhile he’s convinced…

…of the the positive dynamics for everyone in the economy of a low competitive tax environment and the buoyancy, employment and incremental investment growth that it is capable of delivering.

From there it is just a skip to his advice that everyone should be taught to ‘play the equity markets’ in schools… ah Michael if only everyone had equity ‘to play’ with… because ‘how on earth can the adults of the future be equipped to take charge of what may be the biggest financial asset of their lives [their defined contribution pension!], or be equipped to deal with the so-called financial advisers int eh equity markets that sell personal pension lans for fees that are as exorbitant as they are discreet’.

Give me a break. Many of us, myself included, don’t make nearly enough for any of that to be an issue.

Then it’s a reiteration of his call for an election…

Successful government is strong government – a government with a solid majority supported by parties taking collective responsibility for hard decision in the national interest. Populism is inimical to investors…

It is they who create the growth that drives the taxes that support the services and the benefits for those who get up early in the morning, as well as those who don’t. Investors will expect that the return to strong government under your leadership would differentiate through the taxation and benefits system between those who can and do contribute to society, and those who can but don’t.

And…

When you weed the latter out, you will have many more resources to help those who cannot help themselves. That is aha the Just Society should be about. Ignore the indignation of our leftist broadcasting media and the phone in moaners whom they indulge.

it is time to distinguish between the strikvers and the skivers. Int he weeks and moths after you take up your new job, the eyes of investors domestic and international will be upon you. Don’t let us down.

Entitlement attitude, it’s right there.

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