Group of businessmen urges income tax cut, cap on USC

A group of entrepreneurs says a dramatic cut in income tax should be part of Ireland's long-term strategy to attract business.

It has drawn up a report with 69 recommendations on how to increase the number of staff hired by other entrepreneurs around the country, including a flat tax on all income of 15% to 20%.

The group is chaired by businessman and former Dragon's Den star Sean O'Sullivan, and also recommends tax breaks for company-to-company lending and capping the universal social charge for the self employed at €100,000, as it is for employees.

Columnist with the Irish Independent Richard Curran says the group wants to broaden the scope of foreign direct investment opportunities, instead of focussing on multinationals.