Hysterical but appropriate reaction - Emergency Budget coming very soon

amacachi

ejmaztec wrote: »

Dear IMF,

Can you please hurry up, there's some big sh1t going down,

Yours sincerely

ROI.

I just hope they wait til the end of July so I've paid all my loans back:pac:

Someone on Boards recently said that Ireland built it's economy by selling houses to each other over the last number of years and I couldn't put it better than that. Should be fun seeing the government trying to think of a different tactic to sort things out.

Ulysses Gaze

Some on Boards recently said that Ireland built it's economy by selling houses to each other over the last number of years and I couldn't put it better than that.

We did build an economy on building and selling houses to each other.

But did anyone really think we could do this in perpetuity?

Modern, functioning, economies are balanced. We didn't have one.

Melted M&M

Snow-Monkey wrote: »

well what can i say ,majority of the country voted for fianna fail, now they can pay for the sown stiupidity they braugfht it on them selves i wish them a big congratualations and those who didnt vote for them my Commiseration's...

I agree

kowloon

Sure, fukkit, I think I'll go and set up my smoothie and wheat-grass bar in the IFSC all the same.

gurramok

Prime Time had Minster Dempsey saying the cut backs will be €4bn this year, double than the €2bn they are struggling to impose and there will be a mini style budget by the end of the month.

All sorts of solutions banded about by commentators, things are going to get alot worse.

Darragh29

gurramok wrote: »

Prime Time had Minster Dempsey saying the cut backs will be €4bn this year, double than the €2bn they are struggling to impose and there will be a mini style budget by the end of the month.

All sorts of solutions banded about by commentators, things are going to get alot worse.

Only in Ireland could "cut backs" lead to a 2% increase in government spending!

DanGerMus

Probably been said before but some people seem to be waving responsability of our government and blaming it on the "Global Recession". The simple fact remains that our economy over the last 7 or so years has been based almost entirely on massive lending and was always destined to collapse at some stage global downturn or not.
Our government has squandered masses and masses of revenue on poorly managed public projects ,the health system, Roads, Rail, the public service itself is bloated hugely with grossly overpaid individuals that are completely incompatent. It's a simple fact that value for our money is not being delivered and their solution is to up the price. In business you compete by streamlining diversifying and cutting costs where ever possible price hikes are always the last resort.
I'd like to see our government try this first by cutting the public service wage at the top end where it will hurt the least and then work there way down and they should grow some balls and start trimming the Fat out of the system and just fire people who do **** all or have already prooved unable to there job.

OPENROAD

gurramok wrote: »

Prime Time had Minster Dempsey saying the cut backs will be €4bn this year, double than the €2bn they are struggling to impose and there will be a mini style budget by the end of the month.

All sorts of solutions banded about by commentators, things are going to get alot worse.

Watched Prime Time also,really does not look good their will have to be huge expenditure cutbacks and as was pointed out we have to make ourselves more competitive.

Thought Pat Rabbit was rather poor, seemed to put very little forward, more interested in blaming FF.

dresden8

Snow-Monkey wrote: »

well what can i say ,majority of the country voted for fianna fail, now they can pay for the sown stiupidity they braugfht it on them selves i wish them a big congratualations and those who didnt vote for them my Commiseration's...

Nope, I think you'll find it was 41.6%.

http://www.rte.ie/news/elections2007/

If you add in the PD's percentage the outgoing government got 44.3% of the vote.

This is one of the many lies that has gained currency recently.

Count Voucher

check out accross the border how they cover the 26B missing from RBS - by argueing on the pension fund of the bank manager. nice to know those stolen billions could evaporate overnight and best we can do is chase the fat cats to make them cough some of the moolah back. where would be our politicians today without all this "missing" money ?

galwaydude

The world is in a recession, sure look at the US, the government are spending money they dont have and never will have.

A mini budget was one thing most economists agreed that needed to be done to help the government address the situation.

Darragh29

Darragh29 wrote: »

We are really f*cked now!

http://cgi.ebay.ie/ws/eBayISAPI.dll?ViewItem&item=270352935855

:D:D

Ireland Inc is now worth 51.50 Euro on EBay! I think Biffo could be onto something here! :D:D

K-9

Darragh29 wrote: »

Only in Ireland could "cut backs" lead to a 2% increase in government spending!

Yep, was due to SW, the encouraging thing is it was 24% last year. Still, more needs to be done.

mobius42

The government could lessen the blow by following the emergency Budget with an emergency Christmas.

quoteunquote

Darragh29 wrote: »

Ireland Inc is now worth 51.50 Euro on EBay! I think Biffo could be onto something here! :D:D

Current bid is 10,000! :eek:

Darragh29

quoteunquote wrote: »

Current bid is 10,000! :eek:

It looks like the politicians have turned up on EBay!

ejmaztec

quoteunquote wrote: »

Current bid is 10,000! :eek:

Probably Ian Paisley, or Robert Mugabe :eek:

Alessandra

What sickens me is the likes of Bono having his tax base in Holland WTF?

FF said on Q&A tonight that it wouldn't raise much capital by targettnig these people? Oh really? Well it's the principal of the matter for me. Those with second homes in Spain etc, holiday homes in the country should all be liable before they come after average Joe. Not to mention bank execs after 60% reduction still on 690,000!! Widen their tax base and hit us then and only then.
Scrap the government expenditure on helicopters, drivers, business luncheons, dail functions, secretaries, make-up and all expenses paid trips. Junior ministers should be reduced/gotten rid of.

If they bothered to have any impetus in making the civil service more up to date they would cut the need for temp clerical officers whch they are STILL employing.. We need a more integrated system for social welfare/revenue etc. the current system is costly and inefficient.. this would save on pen pushers who by all accounts clock up hours doing nothing productive.

that said as a public sector employee I am greatly disheartened by the cuts to medical cards, health and education. I feel so much more could have been done.

Facing a hike in tax is extremely concerning for many of us in the Public sector who cannot afford to pay!

K-9

Alessandra wrote: »

What sickens me is the likes of Bono having his tax base in Holland WTF?

What do we do, force him to stay here? I accept the residency rules can be changed but what you don't hear about in the media, is our lax residency rules bring in far more revenue than we lose! It's a double edged sword, though very populist!

The same rules we moan about are why Obama and the USA sees Ireland as a tax haven.

Alessandra

K-9 wrote: »

What do we do, force him to stay here? I accept the residency rules can be changed but what you don't hear about in the media, is our lax residency rules bring in far more revenue than we lose! It's a double edged sword, though very populist!

The same rules we moan about are why Obama and the USA sees Ireland as a tax haven.

Point taken. There is just so much imbalance in the way certain parts of society are being targetted in my opinion and others left untouched.

K-9

Alessandra wrote: »

Point taken. There is just so much imbalance in the way certain parts of society are being targetted in my opinion and others left untouched.

Agreed and Bono is a perfect example, though the Govt. needs to explain why these lax laws do, overall, benefit us. Companies can set up here with very small bases and syphon their profits through Ireland.

The problem would be, if you close the loophole on money leaving, what about money coming in?

Stheno

ongarite wrote: »

Government have been forced to face the nightmare situation of collapse of tax take and have decided to step in to fill the huge gap with emergency budget by the end of the month.

The figures make terrible reading.
Total tax take down 24% on January 08, back to 2004 levels.
Capital gains tax is down 70%
Stamp duty down 60%
Corporation tax down 35%
VAT down 17%
Income tax down 9%

Anyone know what tax levels were in 2004 to get an idea of what kind of increases can be expected?

Tbh, you need to go back to about 1997 imo to get a decent idea.

Income tax then hit 46% pretty low down on the scale, possibly once you earned above about €20k

I reckon the following will come in:

1. Higher rate relief on pensions to go
2. 10% rate for lower paid to be introduced
3. PRSI Ceiling to be abolished.
4. 2% levy to be introduced for anyone over approx. 60k
5. Carbon tax to be introduced
6. Rates to be introduced for all homes.
7. Tax on all second homes.
8. Higher rate of tax to be increased to min. 45% once earning above average industrial wage.

seanybiker wrote: »

I dont vote. I always look smart now

Good for you, feel free to choose not to criticise then, as you weren't part of the democratic process of choosing our governments that people died, so as to have that right.

BendiBus

Alessandra wrote: »

Point taken. There is just so much imbalance in the way certain parts of society are being targetted in my opinion and others left untouched.

Few will be left untouched. Unfortunately, we'll probably focus on the sideshow of those who do seem to get off lightly. The main issue, i.e. the future of the country, will be secondary in the public mind. This will make it harder to introduce the necesary reforms.

We're drowning while we watch a few float away on a liferaft. The focus seems to be on pulling those few into the water with us rather than staying afloat ourselves.

nouggatti wrote: »

Income tax then hit 46% pretty low down on the scale, possibly once you earned above about €20k

Higher rate is pretty certain but I don't know if the band will be lowered by a lot. Lower earners spend most of their income. Taxing it just sucks it out of the system, killing activity in the economy. Higher earners have money to save, which is exactly what they are doing now out of fear. This can be taxed at a higher rate without effecting spending in the economy. Much more effective.

On the same lines, deposit interest could also be taxed as income without taking cash out of the day-to-day economy.

Stheno

Alessandra wrote: »

Point taken. There is just so much imbalance in the way certain parts of society are being targetted in my opinion and others left untouched.

In all fairness this is still a low tax economy, something like 6% of the population pay a huge proportion of the tax take, the load needs to be shared out more imo.

Corporation tax imo won't take a hit that will affect inward investment (if any) far too much.

I'd also see the govt introducing incentive schemes for companies to employ more people.

Duiske

gary the great wrote: »

Dam, well the dole needs to be cut first imo...

Why did they get an €8 increase in January despite everyone else taking cuts and the cost of living dropping?

Was the increase not €6 ? And then take into account that the rent allowance was cut by €5. This was not even mentioned in the budget, but sneaked in a few weeks later. Protecting the less well off my ass !!

While the fcukers who created this mess can walk away pensions of up to €6000 pw , or get their loans for millions written off by the banks (who then get reimbursed by the taxpayer) I am not going to begrudge the elderly, disabled or unemployed a poxy €1 per week.

Alessandra

nouggatti wrote: »

In all fairness this is still a low tax economy, something like 6% of the population pay a huge proportion of the tax take, the load needs to be shared out more imo.

.

Ya but in fairness I wouldn't mind paying 50% tax if I could get decent healthcare in return. France pays this rate of tax and then get free health care! If we get sick God forbid that's 60eu downt the drain, not to mention prescriptions. We don't get much back for what we put in and now we'll be giving even more and getting even less!!!!!!

Stheno

Duiske wrote: »

I am not going to begrudge the elderly, disabled or unemployed a poxy €1 per week.

I am when my income is decreased by whatever it will be decreased by, inflation is decreasingso the cost of living is reduced, why shouldn't the elderly/disabled/unemployed face the same cost of living adjustment as I will?

Alessandra

BendiBus wrote: »

Few will be left untouched. Unfortunately, we'll probably focus on the sideshow of those who do seem to get off lightly. The main issue, i.e. the future of the country, will be secondary in the public mind. This will make it harder to introduce the necesary reforms.

We're drowning while we watch a few float away on a liferaft. The focus seems to be on pulling those few into the water with us rather than staying afloat ourselves.



/

You said it.. That is why we need decisive leadership at this time. What better way to lead than by example. Give up their perks etc. Let's all pitch in together and lessen the blow.. They are not tackling the core issues but are scraping away at the periphery. It is very disconcerting that week on week the figures are worse than previously estimated. Makes me wonder is it a guesstimate. If they stopped rowing back on every decision and cut to the chase we might save a few billion in the meantime.

BendiBus

Duiske wrote: »

Was the increase not €6 ? And then take into account that the rent allowance was cut by €5. This was not even mentioned in the budget, but sneaked in a few weeks later. Protecting the less well off my ass !!

While the fcukers who created this mess can walk away pensions of up to €6000 pw , or get their loans for millions written off by the banks (who then get reimbursed by the taxpayer) I am not going to begrudge the elderly, disabled or unemployed a poxy €1 per week.

We're experiencing deflation. Prices are falling. Just leaving SW payments unchanged would be an effective increase in purchasing power.

As for those walking away with big pensions, that's a pisser, but it doesn't actually matter. See my previous post on focussing on the sideshow.

Stheno

Alessandra wrote: »

Ya but in fairness I wouldn't mind paying 50% tax if I could get decent healthcare in return. France pays this rate of tax and then get free health care! If we get sick God forbid that's 60eu downt the drain, not to mention prescriptions. We don't get much back for what we put in and now we'll be giving even more and getting even less!!!!!!

Proof that all employees in France pay 50% tax on all of their income????

Find this hard to believe tbh especially given it's the French.

Alessandra wrote: »

You said it.. That is why we need decisive leadership at this time. What better way to lead than by example. Give up their perks etc. Let's all pitch in together and lessen the blow.. They are not tackling the core issues but are scraping away at the periphery. It is very disconcerting that week on week the figures are worse than previously estimated. Makes me wonder is it a guesstimate. If they stopped rowing back on every decision and cut to the chase we might save a few billion in the meantime.

The Minsters have already taken a paycut fyi

http://www.irishtimes.com/newspaper/breaking/2009/0206/breaking83.htm


I suspect this Emergency/Interim Budget will support your beliefs that we should all pitch in but not that it will lessen the blow to anyone.