When one tax loophole closes, another opens

HOW many times are we to go through the charade whereby a Fianna Fáil minister of finance declares he is going to close the loopholes that allow very rich people to pay very little tax.

I seem to remember Bertie Ahern doing it in his time. Even Charlie McCreevy made a big show of closing some loophole now and then.

Now we, the little people who pay PAYE, are again expected to be grateful to Brian Cowen for closing down some (but not all) loopholes.