Above: Alan Mahon, Assistant Principal, Budget and Economic Division, Department of Finance and Michael McGrath, Assitant Secretary, Budget and Economic Division, Department of Finance.
As the great British economist John Maynard Keynes once said: ‘If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.’
How true. Ha ha.
Seriously, we’re boned.
THE UNIVERSAL social charge and the pension levy boosted the State’s tax take by €2.3 billion to €34 billion in 2011, but the Department of Finance conceded yesterday that revenues fell slightly short of their target.
The State ended the year almost €25 billion in the red, compared with €18.7 billion last year. The figure included a €9.5 billion bill for recapitalising the banks.
The final tax take of almost €34.3 billion was €873 million short of the €34.9 billion target set in Budget 2011, according to the December exchequer returns, which the Department of Finance published yesterday. Michael McGrath, assistant secretary at the department, said the additional €2.3 billion raised during the year included revenue from two extra taxes.