An Ennis economist is warning that income tax increases will have to be considered, despite what the two main parties are promising.
It follows confirmation by the Finance Minister that Ireland’s GDP is expected to fall by 10%, with 220,000 jobs expected to be lost as a result of COVID-19.
In addition, our economy is not expected to bounce back to the heights it hit earlier this year until at least 2022.
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Fianna Fáil and Fine Gael’s coalition framework document ruled out tax increases to meet the deficit but with the bill continuing to climb, Dr Micheál Collins, who is an assistant professor of social policy at UCD, says that may not be possible.
