There have been several big legislative changes and proposals from D.C’s lawmakers over the past week. On June 30th, Washington D.C’s legislative council voted to allow several tax cuts to take effect in September ahead...
- The Tax Policy Blog
- Bono Tax
Ireland is currently dealing with a budget crisis. In addition to making large cuts in the budget, Finance Minister Brian Lenihan has proposed a levy on Ireland's richest citizens, nicknamed the Bono Tax. The tax would affect individual's holding an Irish passport and earning over $1.5 million a year. The levy would be at $300,000 per person. Many feel is this is based on recent reports that show many of the top earners in Ireland pay less than 5% of their income in tax due to exemptions and deductions. As Ireland faces major fiscal problems, now is not the time for a quick-fix patch in the tax system. If many Irish believe that there are too many credits, deductions, and exemptions then let them address those problems directly. If they don't; Bono, The Edge, Adam Clayton and Larry Mullen, I have an extra room in the basement you're more than welcome to use as a practice studio.
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The Tax Policy Blog is the official blog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.