The Untouchables

A SMALL golden circle of “Untouchables” have avoided paying billions of euro in taxes for decades thanks to lucrative loopholes handed to them by the State.

Wealthy stud farm owners, property developers, tax exiles and artists have all pocketed billions in tax-free money while the beleaguered PAYE worker still foots 75% of the income tax bill.

A Revenue Commissioners study of the top 400 earners in Ireland last year revealed 29 of them paid no tax at all while 51 paid tax at less than 5%.

And all completely legal.

Stud farm owners who have made over €3 billion tax-free on stallion fees over the past 34 years remain untouched.

Property developers and investors who slashed €1.7bn off their tax bills in one year alone remain untouched, despite hoarding building land.

High-flying tax exiles who pay no taxes on businesses they run here, or on capital gains, are also outside the tax loop.

Millionaire artists like Bono, Enya and the Corrs can pocket profits from their creative work thanks to a long-standing tax break.

There is a huge well of untapped wealth in these Untouchables that Finance Minister Charlie McCreevy could target in Budget 2004 to generate billions for the cash-strapped Exchequer.

The planned €57m cuts in social welfare benefits could easily be shelved by targeting just one of these groups.

But has Mr McCreevy the political will to do it?