Bono Tax

December 10, 2009

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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