Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

Well clearly it was a level of growth that wasn't sustainable and would have to be adjusted, and on the basis of the soft landing theory, would be adjusted over time. So clearly I wasn't saying that we were going to have a sustainable capital taxes of 30% of total tax take - clearly not. But you would get back down to maybe 12% of tax take, and 13%, and that would mean having to look at other budgetary possibilities to make up the shortfall, or else adjust your spending accordingly.

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