No wonder those with ambition are leaving

This week I spoke at a seminar on capital taxes in Co Wexford.

An accountant and a solicitor were explaining to a large audience the nuts and bolts of capital acquisitions tax and capital gains tax. My role was to set the fiscal context for overall taxation policy in Ireland, particularly issues relating to the taxation of capital.

I showed various graphs and tables on government debt levels, the annual borrowing requirement, the interest bill on the national debt, the amount of extra revenue and tax changes implemented since the crisis began in 2008, and more worryingly, the existing targets for revenue raising out to 2015. The key message is the state is trading in a very dangerous place financially, and raising revenue will be a government priority for the foreseeable future.