That's capitalism

At the Lake City Army Ammunition Plant in Montana, production is at its highest rate in 15 years - higher than during the Gulf War. They recently received a $92 million contract to produce 265 million rounds of small-caliber ammunition for the US Army. Why so many bullets? There are approximately 24 million people living in Iraq, thus it seems it is either lunatic overkill, or the excess is for use against other peoples living within Bush's "axis of evil", or it's a cash gift to his arms business pals.

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The latest study by the Revenue Commisioners has shown that Ireland's top earners pay tax at less than 15%. The study was based on data from 1999/2000, a time when ordinary income tax rates were 26% and 44% respectively. The study shows that the tax rates are in fact meaningless for high earners in the 26 Counties. About 12% of top earners were paying less than 5%. The top 400 earners took home tax allowances of ¤74 million (often for investing in hotels and car parks).

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This edition is No74 published in Feb 2003