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Bailed-out Ireland unveils new taxes

Finance Minister Michael Noonan unveiled a 2012 budget Tuesday that deepens charges on Irish drivers, home owners, savers, smokers, and many others.

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Ireland's Minister for Finance Michael Noonan poses for photographers as he holds a copy of Ireland's 2012 budget on the steps of Government Buildings ahead of his budget speech in Dublin on Dec. 6.


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Ireland's government says it will impose €1 billion ($1.35 billion) in new taxes to help the bailed-out country sharply reduce its deficits as international donors expect.

Finance Minister Michael Noonan unveiled a 2012 budget Tuesday that deepens charges on Irish drivers, home owners, savers, smokers and many others.

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He says Ireland's deficit will be 10.1 percent of GDP this year and 8.2 percent next year, lower than previously forecast.

It is the fifth austerity budget since Ireland's long-booming property market collapsed, pushing Dublin banks toward bankruptcy and forcing Ireland to accept EU-IMF rescue loans.

Noonan says sales tax will rise 2 points to an Irish-record 23 percent. The measure is designed to raise €670 million ($900 million) extra next year.


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