Boom boys may be going bust, but they’ve still got their tax boltholes

AMID all the fuss about the potential cost to the State in rescuing banks, it is easy to forget what else is going on with everyone’s money.

The new national pay agreement for example — which remains to be ratified — wants public sector workers to wait 11 months before they get their next pay rise. Private sector employees have a three-month wait at very least facing them — with many expecting to wait far longer if they keep their jobs.

Income tax increases are inevitable in the budget on Tuesday week. If the rates aren’t increased, then credits will be left untouched which will mean an increase in real terms. Other taxes will be increased. Nobody will escape unscathed. Or will some people? What about the rich and how will it affect them? What sacrifices are they going to have to make during the economic crisis that engulfs us?