The self-proclaimed “Robin Hood of Rock” is beginning to sound a little more like Grover Norquist than a traditional pop-culture leftist. The U2 frontman, Bono, recently praised Ireland’s extraordinarily low tax rate, while claiming that the move has brought unparalleled prosperity to the Emerald Isle. According to the UK Independent , Bono boasted about the tax-policy’s ability to bring wealth to Ireland for the first time in centuries:
“We are a tiny little country, we don’t have scale, and our version of scale is to be innovative and to be clever, and tax competitiveness has brought our country the only prosperity we’ve known.”
He even managed to point out that the increased economic growth has boosted social services and government functions throughout the region:
Because of its generous tax allowances, he added, Ireland has reaped the benefits of “more hospitals and firemen and teachers”.
And he’s quite right. In his quest to rid the world of poverty, it’s nice to see that Bono is not blinded by some sort of ideological stubbornness to “progressive” initiatives. After all, the tens of thousands of jobs that migrated to Ireland (in a quest to seek marginally more favorable tax conditions) had quite a beneficial impact on local communities, families, and anti-poverty programs. I mean, sure, seems obvious; but when billions of dollars start flooding into Ireland, it tends to help their overall economic condition.
Of course, most of this is old news to economists named Art (who drew a “Laffer” curve on a cocktail napkin) and students of the Austrian school. But, it’s still pretty impressive when the self-styled “Robin Hood” of pop-culture stumbles across economic enlightenment. Increased economic activity (and by extension, economic growth) is a boost to everyone in the community.
Not only are tens of thousands of people finding themselves with newfound wealth, but their newly-acquired spending habits are enriching those around them. And, regardless of their low tax rate, the government coffers are seeing an uptick in revenue, due to the velocity of money picking up in the increasingly dynamic economy. After all, we’re not just talking about Apple moving a few thousand jobs to Cork, but international giants of all industries are eyeing Ireland for their corporate headquarters.
http://finance.townhall.com/columni...ontman-bono-channels-grover-norquist-n1904756
note... I have been tough in the past on Bono's leftist approach to taxes... call for more of them on the people while avoiding them yourself.
This is honesty makes up for some of that.
“We are a tiny little country, we don’t have scale, and our version of scale is to be innovative and to be clever, and tax competitiveness has brought our country the only prosperity we’ve known.”
He even managed to point out that the increased economic growth has boosted social services and government functions throughout the region:
Because of its generous tax allowances, he added, Ireland has reaped the benefits of “more hospitals and firemen and teachers”.
And he’s quite right. In his quest to rid the world of poverty, it’s nice to see that Bono is not blinded by some sort of ideological stubbornness to “progressive” initiatives. After all, the tens of thousands of jobs that migrated to Ireland (in a quest to seek marginally more favorable tax conditions) had quite a beneficial impact on local communities, families, and anti-poverty programs. I mean, sure, seems obvious; but when billions of dollars start flooding into Ireland, it tends to help their overall economic condition.
Of course, most of this is old news to economists named Art (who drew a “Laffer” curve on a cocktail napkin) and students of the Austrian school. But, it’s still pretty impressive when the self-styled “Robin Hood” of pop-culture stumbles across economic enlightenment. Increased economic activity (and by extension, economic growth) is a boost to everyone in the community.
Not only are tens of thousands of people finding themselves with newfound wealth, but their newly-acquired spending habits are enriching those around them. And, regardless of their low tax rate, the government coffers are seeing an uptick in revenue, due to the velocity of money picking up in the increasingly dynamic economy. After all, we’re not just talking about Apple moving a few thousand jobs to Cork, but international giants of all industries are eyeing Ireland for their corporate headquarters.
http://finance.townhall.com/columni...ontman-bono-channels-grover-norquist-n1904756
note... I have been tough in the past on Bono's leftist approach to taxes... call for more of them on the people while avoiding them yourself.
This is honesty makes up for some of that.
