What happens if I can't afford any more tax increases ?

Rabidlamb

I know the answer but I'm looking to see who many other people are in the same situation.
Both my wife & myself work 2 professional well paid jobs & have 2 children under school age.
After we take out the mortgage, childcare, bills, shopping, petrol etc. we just about break even.
We haven't put away any savings in the last year & we've taken all the austerity measures.

All the tax increases being mooted will affect us directly.
More PAYE, reduction in child benefit, possible property tax or water rates, increase duty on fuel.
Any one of these will be enough to tip us over the edge & into debt.

I cant understand how any couple with a recent mortgage & kids can cope, the figures just don't add up.
Anybody else in the same sinking boat ?.

Sanjuro

I suggest you ask the good folk in the taxation forum.



And now back to our usual programming... IN BEFORE THE BIGGINS!!!!!

bryaner

Sanjuro wrote: »

I suggest you ask the good folk in the taxation forum.



And now back to our usual programming... IN BEFORE THE BIGGINS!!!!!

Lol

Turtyturd

Sanjuro wrote: »

IN BEFORE THE BIGGINS!!!!!

Careful Now....and whats up with people asking questions and then answering them?...I'll tell you what it is...

Predator_

Basically a drop in your standard of living.

starbelgrade

Rabidlamb wrote: »

I know the answer but I'm looking to see who many other people are in the same situation.
Both my wife & myself work 2 professional well paid jobs & have 2 children under school age.
After we take out the mortgage, childcare, bills, shopping, petrol etc. we just about break even.
We haven't put away any savings in the last year & we've taken all the austerity measures.

All the tax increases being mooted will affect us directly.
More PAYE, reduction in child benefit, possible property tax or water rates, increase duty on fuel.
Any one of these will be enough to tip us over the edge & into debt.

I cant understand how any couple with a recent mortgage & kids can cope, the figures just don't add up.
Anybody else in the same sinking boat ?.

If you're both in well paid professional jobs, you really shouldn't be having any problems.

I would suggest that either you are overspending in some areas or (shock, horror) that the jobs you consider well paid, aren't actually so, or quite possibly a combination / variation of both.

ejmaztec

Rabidlamb wrote: »

I know the answer but I'm looking to see who many other people are in the same situation.
Both my wife & myself work 2 professional well paid jobs & have 2 children under school age.
After we take out the mortgage, childcare, bills, shopping, petrol etc. we just about break even.
We haven't put away any savings in the last year & we've taken all the austerity measures.

All the tax increases being mooted will affect us directly.
More PAYE, reduction in child benefit, possible property tax or water rates, increase duty on fuel.
Any one of these will be enough to tip us over the edge & into debt.

I cant understand how any couple with a recent mortgage & kids can cope, the figures just don't add up.
Anybody else in the same sinking boat ?.

The boat's already gone down, and most people are now trying to hang onto a greasy plank with the sharks circling.:(

Adam

go on the dole.

Banned Account

There are only two certainties in life - Death and Taxes. If you can't afford the latter, I'm afraid the future is rather bleak.

phill106

Cut down expenditure. Shop in cheaper supermarkets. Make use of the reduced section in tesco/dunnes. Obviously no holiday this year. Cut down on non essentials (even magazines/cappucionos/pints down the local).
Don't buy new clothes. Dont trade in your car for a newer model (maybe sell one if you have two!). If your children are in expensive childcare, are grandparents in the picture?
If you need new clothes, pennys/dunnes/tesco rather then brown thomas/tommy hilfigger.
It wont be for ever, keep your head down and get on with things.
Good luck!

homerjay2005

as lonng as you both have jobs, you will be fine. the mortgage is definately a problem, but tax increases would only cost about 80euro on average a month for a person on about 30,000 to 35,000 a year.

surely 160euro a month wouldnt push you to debt? thats 40euro a week, be a bit more efficent with food shopping, reduce your electricity and gas bills by 10-20% , ditto for tv/phone/broadband etc etc if you have and there you go, sorted.

Qualitymark

Until an arrangement is arrived at where the lunatic mortgages of recent years get a 'haircut' like the developers' loans, we're not going to get out of this situation.

I was reading a couple of weeks ago about some foreign bank that was considering buying some of the mortgages from Irish banks; they were then going to offer a deal to revalue the house at its current market value and cut down the mortgage (and so the repayments) accordingly; in exchange, the home-'owner' would agree to give the bank half the price when the house is finally sold. Can't find the article now, though.

PeakOutput

Rabidlamb wrote: »

Both my wife & myself work 2 professional well paid jobs & have 2 children under school age.
After we take out the mortgage, childcare, bills, shopping, petrol etc. we just about break even.

if that is the case you have alot more you can cut out id imagine. what could your bills be? the essentials electricity / gas 100 a month maybe even 100 every two months. a phone bill another 100 or so every two months. but i bet you that your 'bills' also include broadband and digital tv well there are two more savings you can make overnight.

PeakOutput

Qualitymark wrote: »

Until an arrangement is arrived at where the lunatic mortgages of recent years get a 'haircut' like the developers' loans

that didnt actually happen

Qualitymark

PeakOutput wrote: »

that didnt actually happen

http://www.tribune.ie/article/2010/apr/25/anglo-faces-further-haircut-of-500m/

wetling

If youre professional I assume you declare your own taxes? obvious answer there, why anyone would pay taxes when 90% of it is wasted on housing and feeding scumbags and immigrants and the rest spent on fat red nosed pricks wages, obviously declare some to keep the cunts off your back.

Don't let people rob you, legal or otherwise

starbelgrade

wetling wrote: »

If youre professional I assume you declare your own taxes? obvious answer there, why anyone would pay taxes when 90% of it is wasted on housing and feeding scumbags and immigrants and the rest spent on fat red nosed pricks wages, obviously declare some to keep the cunts off your back.

Don't let people rob you, legal or otherwise

No. Most professionals are PAYE workers & not self-employed.

seamus

Standard of living as someone else said is the key phrase here.

You can actually save a whole bundle of money if you're willing to take a hit on the little pleasures in life. Buy all of your clothes in Dunnes or Penneys. Do the bulk of your shopping in Lidl/Aldi. Walk to any destination that's less than a mile away. Park your car where it's free instead of at a shopping centre's car park. Bring your lunch into work and stop buying tea/coffee/crisps/chocolate in work. Downgrade to the basic TV package and the slowest broadband package. Use your mobile less. Go out with your friends once every two weeks instead of twice a week. Or, walk to a local pub instead of one that's a taxi ride away.

Why should you have to? Because you can't afford to do otherwise.

oppenheimer1

Qualitymark wrote: »

http://www.tribune.ie/article/2010/apr/25/anglo-faces-further-haircut-of-500m/

This is the problem, you don't actually understand what is happening. Anglo has sold the loan to Nama at a discount, but the full amount is still owed by the developer to Nama.

humanji

Claim to be an asylum seeker. You'll get a free house, free car, a large dollar-sign bag full of cash and a GPS locator that will help you track every swan in Ireland. Or so goes my understanding.

Rabidlamb

phill106 wrote: »

Cut down expenditure. Shop in cheaper supermarkets. Make use of the reduced section in tesco/dunnes. Obviously no holiday this year. Cut down on non essentials (even magazines/cappucionos/pints down the local).
Don't buy new clothes. Dont trade in your car for a newer model (maybe sell one if you have two!). If your children are in expensive childcare, are grandparents in the picture?
If you need new clothes, pennys/dunnes/tesco rather then brown thomas/tommy hilfigger.
It wont be for ever, keep your head down and get on with things.
Good luck!

We've been through most the austerity plan outlined above.
No holiday this year either.

Grand parents not an option as the house we bought is 30 miles away from home.
Couldn't afford to buy where we grew up.

Our oldest lad is starting school the year after next.
If we can ride out these 2 years we should be fine then.
Not looking forward to it though.

Rabidlamb

wetling wrote: »

If youre professional I assume you declare your own taxes? obvious answer there, why anyone would pay taxes when 90% of it is wasted on housing and feeding scumbags and immigrants and the rest spent on fat red nosed pricks wages, obviously declare some to keep the cunts off your back.

Don't let people rob you, legal or otherwise

I have certain "valuable skills" that I can offer minus VAT if worst comes to worst.
Just to cut down on the paperwork if you understand.

I used to have qualms about working the black economy but if the government force me into it I have no moral objection to going down that route.

The government sells your debt to The Merchant of Venice! :eek:

As for cutting back, I feel that the time machine's already back to the 80s.

Princess Peach

I don't pay any tax. Cause I don't earn enough

Stercus Accidit

Rabidlamb wrote: »

We've been through most the austerity plan outlined above.
No holiday this year either.

Grand parents not an option as the house we bought is 30 miles away from home.
Couldn't afford to buy where we grew up.

Our oldest lad is starting school the year after next.
If we can ride out these 2 years we should be fine then.
Not looking forward to it though.

Emigrate?

mikom

Rabidlamb wrote: »

I cant understand how any couple with a recent mortgage & kids can cope, the figures just don't add up.
Anybody else in the same sinking boat ?.

♫
Every night in my dreams
I see you. I feel you.
That is how I know you go on.

Far across the distance
And spaces between us
You have come to show you go on.

Near, far, wherever you are
I believe that the heart does go on
Once more you open the door
And you're here in my heart
And my heart will go on and on

Love can touch us one time
And last for a lifetime
And never go till we're one

Love was when I loved you
One true time I hold to
In my life we'll always go on

Near, far, wherever you are
I believe that the heart does go on
Once more you open the door
And you're here in my heart
And my heart will go on and on

There is some love that will not
go away

You're here, there's nothing I fear,
And I know that my heart will go on
We'll stay forever this way
You are safe in my heart
And my heart will go on and on
♫

thebigbiffo

i know how ya feel OP. its a pretty s'hitty feeling knowing that they're gonna take more money of ya to pay for banks, a wasteful, lazy and ignorant public services and (whatever % of) scroungers on the dole probably working cash in hand aswell.

i worked hard all my life so far without asking the state for a penny, now i'm being punished for that.

rip up the croke park agreement too imo - or the f'uckin imf will do it for ye lads

Gummy Panda

Maybe contact mabs for budgeting help. I have a friend who though he was cutting spending as much as possible. When he kept a spending record for the month, he realised there was a lot he could save.

Mr Benevolent

OP let me guess

You have two sub-3 year old cars with attendant loans
You have a big loan for home improvement or something similar
You didn't shop around for childcare
You have at least 2 credit cards, one maxed out
You shop in Dunnes or Superquinn
You haven't talked to your bank about rescheduling your mortgage
You have a big Sky/UPC package

Need I go on?

thebigbiffo

Confab wrote: »

OP let me guess

You have two sub-3 year old cars with attendant loans
You have a big loan for home improvement or something similar
You didn't shop around for childcare
You have at least 2 credit cards, one maxed out
You shop in Dunnes or Superquinn
You haven't talked to your bank about rescheduling your mortgage
You have a big Sky/UPC package

Need I go on?

right so. he should be hit with more taxes cos of all this is that what yer saying?

stovelid

Confab wrote: »

OP let me guess

You have two sub-3 year old cars with attendant loans
You have a big loan for home improvement or something similar
You didn't shop around for childcare
You have at least 2 credit cards, one maxed out
You shop in Dunnes or Superquinn
You haven't talked to your bank about rescheduling your mortgage
You have a big Sky/UPC package

Need I go on?

No.

I think the smugness of your epistle is more than adequate as it is.

knird evol

OP, adopt a positive attitude.

Good Luck

Rabidlamb

Confab wrote: »

OP let me guess

You have two sub-3 year old cars with attendant loans No loans on either, 2003 & 2006
You have a big loan for home improvement or something similar No, no other loans
You didn't shop around for childcare €250 a week FT care for 2 kids, not bad
You have at least 2 credit cards, one maxed out One CC with €2k owed
You shop in Dunnes or Superquinn Aldi & Dunnes comes to €130 per week
You haven't talked to your bank about rescheduling your mortgage We've a good tracker, don't want any renegotiation
You have a big Sky/UPC package €30 p/m Sky €65 p/m Eircom Bundle, no UPC unfortunately.

Answered some of your queries above.
We're not that out of the ordinary.
I can't help but think there are many more families in the same boat but saying nothing.
4 hairshirt budgets will wreck some people.
What happens in 2 years when the ECB start moving rates up aswell.

mickydoomsux

Based on those figures you given OP, where does the money go then?

Those numbers look pretty manageable with 2 decent incomes.

knird evol

Are those bastards in Anglo getting free haircuts now as well. My barber charges me €10

PeakOutput

Rabidlamb wrote: »

Answered some of your queries above.
We're not that out of the ordinary.
I can't help but think there are many more families in the same boat but saying nothing.
4 hairshirt budgets will wreck some people.
What happens in 2 years when the ECB start moving rates up aswell.

if you dont want to give this info obviously i understand but the important part of this equation is

A) your income
the cost of your mortgage

you say that both of your are well paid professionals so a low end guess of your salaries are 30-40K a year each


so judging by your own figures either your mortgage is absolutely massive and you had no business taking it out in the first place or your not being honest about your discretionary expenditure

also getting rid of sky or having one of you use public transport(if you live in a city) will more then make up for any extra tax you are going to be paying after the budget

Banned Account

OP,

Pimp your wife and kids - if the latter doesn't cover the cost of keeping them, just sell them on the internet.

After that, move to Mosney where you will instantly become a millionaire and get a free flat screen television personally autographed by the government.

Shoot the Green party in entirety to prevent more taxes being snuck through in an attept to prevent you enjoying anything that doesn't involve natural tampons made from unwanted cherokee indian hair.

That should free up enough for you to take a holiday to a foreign country where you can 'disappear' in a mysterious canoeing accident and allow your family to use the life assurance policy to buy themselves back from their new owners and start afresh in somewhere much more civilised like on a farm, in Zimbabwe.

thebigbiffo

mickydoomsux wrote: »

Based on those figures you given OP, where does the money go then?

Those numbers look pretty manageable with 2 decent incomes.

well heres a thought: if he spend it on beer he pays vat to the exchequer and keeps a barman/pub owner in work and also paying taxes.

if he spends it on foreign holidays he keeps the airlines in business to again pay more taxes and employ a fellow citizen, the travel agents etc.

see what i'm getting at here? doesnt matter a jot where he spends it as long as its spent and the economy keeps moving - keep civil servants cushy, people on the dole with enough to live on and the bondholders laughing all the way to geneva...

you cant tax the middle classes out of a recession. end of f'uckin story

Rabidlamb

mickydoomsux wrote: »

Based on those figures you given OP, where does the money go then?

Those numbers look pretty manageable with 2 decent incomes.

One place we burn money, literally, is on petrol.
Cause we couldn't afford to buy a home near our families & place of work it costs us €350 p/m on petrol.
Then the extra cost of tax & insurance for the 2nd car, love to get rid of it but can't cause we live in the sticks.

PeakOutput

Qualitymark wrote: »

http://www.tribune.ie/article/2010/apr/25/anglo-faces-further-haircut-of-500m/

thank you for proving my point that you have no idea what your talking about

mikom

Rabidlamb wrote: »

One place we burn money, literally, is on petrol.
Cause we couldn't afford to buy a home near our families & place of work it costs us €350 p/m on petrol.
Then the extra cost of tax & insurance for the 2nd car, love to get rid of it but can't cause we live in the sticks.

It's not getting any better............ http://www.independent.ie/national-news/motorists-face-blitz-of-new-tolls-on-main-roads-2366410.html

mickydoomsux

Rabidlamb wrote: »

One place we burn money, literally, is on petrol.

Trade in you cars for a similar year, if not even a bit older, diesel vehicle. The fuel costs less and if you pick the right car it'll use much less fuel than the equivalent petrol model.

thebigbiffo

Rabidlamb wrote: »

One place we burn money, literally, is on petrol.
Cause we couldn't afford to buy a home near our families & place of work it costs us €350 p/m on petrol.
Then the extra cost of tax & insurance for the 2nd car, love to get rid of it but can't cause we live in the sticks.

medical bills for the 2 kids? servicing said cars? entertainment for the children. clothing. essential items for the house. socialising (which you are bloody well entitled to seeing as you work hard and are raising the next generation of taxpayers in this country)

this thread stinks of posters trying to out you as the middle class enemy

Rabidlamb

Rabidlamb wrote: »

One place we burn money, literally, is on petrol.
Cause we couldn't afford to buy a home near our families & place of work it costs us €350 p/m on petrol.
Then the extra cost of tax & insurance for the 2nd car, love to get rid of it but can't cause we live in the sticks.

I'm in a similar position, but with only one income, so things are a bit tight!
edit: and I don't have a "middle class income*" either!

*where is the line between "industrial" & "middle class" income €50k

ejmaztec

2 adults + 2 children = 4 saleable kidneys.

Rabidlamb

thebigbiffo wrote: »

you cant tax the middle classes out of a recession. end of f'uckin story

Ah yes, but were apparently the ones with all the disposable income.
Note to any young couples out there:
Have the snip & a hysterectomy to be safe if you intend having any fun in the next 10 years.

phill106

ejmaztec wrote: »

2 adults + 2 children = 4 saleable kidneys.

or a meal for 4?

/gets coat

stovelid

thebigbiffo wrote: »

this thread stinks of posters trying to out you as the middle class enemy

The majority of whom are probably jobless, childless and living with their Ma and Da.

Austerity

Get rid of the television. Sell it and finish your subscriptions. This way you'll save lots of money. Use less heating in winter time, wear warmer clothes instead.

Would it be possible for you to sell the house and move closer to work?
Renting could be an option.

pickarooney

Move your mother in with you or start working remotely.
There's no need for both TV and internet.

MagicSean

Rabidlamb wrote: »

I know the answer but I'm looking to see who many other people are in the same situation.
Both my wife & myself work 2 professional well paid jobs & have 2 children under school age.
After we take out the mortgage, childcare, bills, shopping, petrol etc. we just about break even.
We haven't put away any savings in the last year & we've taken all the austerity measures.

All the tax increases being mooted will affect us directly.
More PAYE, reduction in child benefit, possible property tax or water rates, increase duty on fuel.
Any one of these will be enough to tip us over the edge & into debt.

I cant understand how any couple with a recent mortgage & kids can cope, the figures just don't add up.
Anybody else in the same sinking boat ?.

Go on welfare. In this country it works out better than having a tax paying job.