When was income tax in ireland created

digme

As the title suggested, when was it created, and by whom?
Is our central bank similar to the federal reserve of the USA, in that it creates currency, and loans it to the government while charging interest?

Time Magazine

digme wrote: »

As the title suggested, when was it created, and by whom?

The first income tax was passed by Westminster as a temporary measure in 1798, but it took permanent form in 1842.

Is our central bank similar to the federal reserve of the USA, in that it creates currency, and loans it to the government while charging interest?

No, we don't have our own central bank, we have the European Central Bank.

Also, not to be too presumptuous, but if you're getting your info on the Fed from YouTube videos, you're very likely to have been misled.

digme

Would paper currency have come about around the same times as the income tax?

So the eu bank is in charge of giving us loans of currency at a certain interest rate.How can we pay back the interest?

Im reading the book titled; guide to investing in gold and silver -protect your financial future, by Micheal Maloney.

Économiste Monétaire

The 'EU bank' doesn't exist, unless you're referring to the European Investment Bank. The ECB doesn't loan "us" anything, it lends to commercial banks. Where do you think the interest on those loans goes to? Hint: Look at the Exchequer returns under 'Central Bank - Surplus Income'.

Time Magazine

What I think both myself and Économiste Monétaire are hinting at is that your question, "Is our central bank similar to the federal reserve of the USA, in that it creates currency, and loans it to the government while charging interest?", is sort of the wrong question.

Saying that the Fed lends money to the US government isn't really accurate in the first place since the Fed is basically an arm of the government. It's more like the Department of Finance than AIB. Governments raise money by selling bonds and not by simply printing money, so the Fed don't just print money and charge the government for it. Saying they charge interest isn't accurate either since the Fed was established by the US government, the government appoint the Board and all its profits go back to the government.

As for Ireland we of course have our own Central Bank but its main job is to regulate the banking sector. Our "real" central bank is the European Central Bank, based in Frankfurt, they set the interest rates. The ECB lend money to banks like AIB and charge them interest, the profits go back to the national governments.

Income tax was introduced in 1842, "paper money" has been around for over a thousand years.

who the fug

William Gladstone when he was chancellor used to mention in his budget speeches how he intended to get rid of income tax during the lifetime of the current parliament.

andrew

Time Magazine wrote: »

Income tax was introduced in 1842, "paper money" has been around for over a thousand years.

But 'fully fiat' currencies have only been around since the end of Bretton Woods in 1971(?)