Business shoots itself in foot with poor corporate conduct

Anti-corporate sentiment has always been a thing, but it has clearly escalated over the past decade as the pain of the ‘great recession’ fell heavily on the shoulders of many people. 

Financial institutions were correctly blamed for the madness that resulted in the growth and eventual implosion of the sub-prime lending market, which in turn unleashed incredible global hardship.

The legacy of the global crash will take years to work through, and the anger will not subside. Arguably, the election of Donald Trump and the bizarre Brexit vote in the UK in 2016, represent two manifestations of this anti-corporate sentiment. Be prepared for more. Here in Ireland, the burden of the post-crash fiscal adjustment fell very heavily on those who work and pay income tax and/or the dreaded Universal Social Charge (USC). Back in 2006, income taxes accounted for just over 27% of total taxes paid in the economy, but this year that will be closer to 40%.