Budget Ideas

Verance

Hello people of the Economy Forum!

I'm currently doing a college project on Budget 2011 Policies which could boost the economy and employment. So I've come to the people in the know for some advice. Any advice much appreciated!

(Apologies if this is wrong froum! )

Denzil2222

Verance wrote: »

Hello people of the Economy Forum!

I'm currently doing a college project on Budget 2010 Policies which could boost the economy and employment. So I've come to the people in the know for some advice. Any advice much appreciated!

(Apologies if this is wrong froum! )

your a bit late there mate budget 2010 was over 10 months ago

Verance

Denzil2222 wrote: »

your a bit late there mate budget 2010 was over 10 months ago

OP edited, the thread prefixes of Budget 2010 are confusing

Have a google for "Expansionary Fiscal Consolidation".
If cuts are made in certain areas they can boost both GDP and employment levels. Taking this sort of an angle would make for a good college project. I did did a bit of work on this in my thesis and it makes for interesting reading. It only works in certain conditions and in the short run GDP and employment can fall but in the medium run evidence has shown that GDP and employment levels grow due to the reduced costs of goods and services.

This sort of topic can also be tied in with increased spending in capital expenditure and or decreased current expenditure.

i.e if you cut current spending like transfer payments (i.e the dole) you boost employment levels. The dole here is in fact a form of minimum wage.

but if you cut capital expenditure you decrease GDP in the medium and long run.
If you increase capital expenditure you can boost future GDP - once the future value of this expenditure pays for the money outlayed plus interest- i.e road building, infrastructure projects.

Ghost Estate

I wonder why we have no Budget 2011 prefix in this forum

Not increasing tax would be one. any increase will mean more money going to the government rather than businesses that are already struggling

Sell RTE and start a new state broadcaster from scratch, make sure this one can survive off only license fees without increasing them.

Start a new community based mobile phone network - we have effectively outsourced communication and its a hugely profitable business that leads to billions being repatriated.

Sleepy

Is that you Brian?

mikemac

Ghost Estate wrote: »

Sell RTE and start a new state broadcaster from scratch, make sure this one can survive off only license fees without increasing them.

You could use the TG4 managment team. Doing a fantastic job on a small budget

Cookie_Monster

ideas:

cut cost of employment
reduce minimum wage
reduce employers PRSI

reduce dole rates to that below minimum wages x 25hrs a week to encourage people to work rather than stay on welfare.

reduce other costs for companies (and everyone): Electricity and gas are still stupidly expensive as is road fuel and the various red tape regulations that abound.

Nijmegen

The budget is not the be all and end all, we really need to increase confidence so the money we know has been saved rather than spent gets going in the economy. That's a function of framing a good budget and a clear plan, rather than something that's in the budget.

Reducing tax on new jobs - cutting the 10.75% EPRSI for a start - would be another good step. No tax from a job that wouldn't have been created otherwise.

Building fairness into social welfare and taxation - means tested, as in Germany or Sweden - so you get what you need, not just black and white lines. It would perhaps save money, but more importantly it could help us put a floor underneath some people who will be screwed heavily by our black and white approach to these things.

Get rid of Croke Park. I'm sorry, but we can't be making huge cuts from the likes of the Health budget without being able to touch 70% of it.

Public sector pensions need to take a hit, particularly if private sector and old age pensions will be hit.

flutered

the following tax increases
1 cent on text messages
0.50 on calls both mobile and landline
1.50% increase on betting tax
5% on off shore gambling
5% on stud farms
1 euro on all medical card scripts
1 euro on all medical card gp visits
over 70s medical cards to be means tested
free travel pass to be means tested
15% off child benefit, also means test it
5% tax on all social welfare
ps pensions to be taxed as income ( how can some one have a pension + a job and not be taxed on the pension)
3% off vat until 1st april 2011
remove the scrappage deal on cars, reduce the vrt instead
2 cent on cigs
2 cent on alcohol
50 euro per house water rates
introduce prsi to the ps
remove the mercs from kildare st to be replaced by sales reps motors
remove the gov jet
make politicians exs to be removed
remove the perks from retired politicians
sitting politicians cannot draw a pension
i await the abuse

25 % reduction in politicians wages

ardmacha

the following tax increases
1 cent on text messages
0.50 on calls both mobile and landline

This kind of thing is complete nonsense and discredits anyone who proposes it. VAT is already payable on mobile communications. There is no reason to target this sector and it is incredible that some in proposing a penal tax on calls that could just be made on Skype. It is truly bizarre that people are proposing third world type penal taxes on new technologies while insisting that water be provided more or less free when it costs a government a great deal to provide it. No wonder the country is banjaxed when this type of lunacy is suggested.

flutered

the tax on phone usage is very little, how can you claim that it is penal, i have advocated water rates, you are just picking on one item, please give your thoughts on all my suggestions.

Oliver1985

This could save us a fortune but never gonna happen:

Stop us the taxpayers money going towards Junkies getting:

• Free Travel and abusing people at luas stops (jervis)
• 250k apartments to wreck and make peoples lives hell
• 197 euro every week to spend on 6 packs on dutch gold!!:eek:

nordisk celt83

• Sell/Lease Terminal 1 and the adjoining car park of Dublin Airport to Ryanair, and let them operate it independently of the DAA. At a guess, this could raise a billion for the state. (maybe more)

• Introuduce a 48% tax rate on all earnings over 100k euro, this will bring in over €400million.

• Tax/eliminate child benefit for those earning over 80k. Atm Child Benefit costs circa €2.2billion, so huge reductions could be made by cutting/taxing the better off in relation to this benefit.

• Currently child benefit is given at a rate of €150 for the first two children and €180 for the third child. People shouldn't be encouraged to have so many children, and this child benefit should be reduced for additional children...

• Cap/tax pensions over 100k...

• Cut wages for those in the public sector earning over 75k.

• Reduce overseas development aid by 20%. This may seem cruel, but in the long-term it will result in Ireland being better able afford its overseas development fund.

• Gambling taxes introuced/increased!

• Cut social welfare for all persons living with parents and all single/married persons with no children by 10%.

• Get rid of all tax breaks, this should bring in up to €2billion.

Reduce dole payments to every two weeks, and reduce signing on dates to every two months. As well as reducing public sector pay dates to once monthly. This should bring some reductions in administrative/postal costs.


Reduce politicians wages, and pool ministerial cars.

Introduce higher parking charges for persons working in Dublin City centre.


Increase rate on D.I.R.T marginally!


Increase Capital Gains Tax


Cut all major capital projects from current expenditure, and replace it with a stimulus from the national pension reserve fund.


Lots of other things could be done, but that's just a few ideas...

nordisk celt83

Add to this a stimulus package of €5-10 billion, utilising money from the national pension reserve fund. This is where you get the jobs from, hopefully...

Oliver1985

Great idea on Terminal 1 ryanair would snap the governments hand off for there own space i think!

Justme1

Verance wrote: »

Hello people of the Economy Forum!

I'm currently doing a college project on Budget 2011 Policies which could boost the economy and employment. So I've come to the people in the know for some advice. Any advice much appreciated!

(Apologies if this is wrong froum! )

Eh sorry but whey don't you do your own homework???

Ghost Estate

Justme1 wrote: »

Eh sorry but whey don't you do your own homework???

why bother when there's a bunch of boardsies around just waiting to do it for you?

twould be like walkin in the rain when theres a free train

daithicarr

nordisk celt83 wrote: »

• Currently child benefit is given at a rate of €150 for the first two children and €180 for the third child. People shouldn't be encouraged to have so many children, and this child benefit should be reduced for additional children...

...

I would strongly disagree on the need for less children, Europe is ageing fast, Irelands Fertility rate is around 2.1 children per woman, which is just about replacements level. Our relatively young work force is an asset, a larger older cohort is a strain on the economy. The more children we have the more future workers the state has, and Ireland is by no means over populated, if anything we could do with 8 million people rather than 4, it would help with economy's of scale and all that.

If we do stabilise our finances and get back on track pro children policy's like reduced education and greatly reduced childcare costs etc should be pursued to ensure we continue to have what no other european state has, a naturally growing and young population.

Triangla

Borrow from national pension fund instead of relying on markets.

Charge ourselves whatever we want, screw this 7% we're heading towards now.

Gus99

daithicarr wrote: »

I would strongly disagree on the need for less children, Europe is ageing fast, Irelands Fertility rate is around 2.1 children per woman, which is just about replacements level. Our relatively young work force is an asset, a larger older cohort is a strain on the economy. The more children we have the more future workers the state has, and Ireland is by no means over populated, if anything we could do with 8 million people rather than 4, it would help with economy's of scale and all that.

If a reduction of €30 p/m state subsidy means the difference between someone having a 3rd (or subsequent ) child or not, then quite frankly I don't believe they should be having the child in the 1st place

daithicarr

I was merely disagreeing with the need for less children.

gurramok

The state can't afford to pay out huge sums in welfare for couples to produce kids. Its led to a welfare dependent society on a certain section of the population. 2 or even 3 is more than enough for population replacement, the rest that are born should be from the couple's means rather than from state coffers.

Anyway, we've had a shed load of immigrants in recent years to help that age structure imbalance.

daithicarr

Id prefer to see, in 5-6 years or when ever we have fixed this mess and stabilised things other pro child family's, not necessarily had outs.

Subsidised or a state sponsored childcare system which is more affordable than the current system which actively discourages people to work or have children, 800 to 1,000 euro a month for childcare alone. this would also help single parents to return to work and not be reliant on welfare payments.

Perhaps tax breaks for children could be explored as an alternative route.

Even with immigration the older section of the population has grown, do we want to rely on immigration to always bolster the population?

A larger population could support a larger economy with more company's and more competition, which is lacking in a number of areas and greatly contributes towards the cost of living here.

gurramok

Yes, they need to sort out childcare. Its ridiculous at the moment that both parents have to go out to work while they throw their child into childcare costing a grand a month or so.

The handout culture has to end, there needs to be a balance of supporting a stay at home parent to mind the child while it doesn't crucify the households income nor stop them entering the workforce again.

Kev_ps3

Tax the rich more, leave the poor alone.

zootroid

Kev_ps3 wrote: »

Tax the rich more, leave the poor alone.

Ireland has been following that suggestion for years, and now almost 50% of workers pay no income tax at all. I think it's about time they started paying their share. Tax credits should be lowered to bring more people into the tax net.

Higher rate of tax increased to 42%, lower rate to remain at 20%

We should exam all the reliefs and allowances that fall under social welfare. For example, rent relief, and the bereavement grant should be completely gotten rid of. They serve no purpose but to cost the state millions. There are likely to be many more that I'm not aware of.

Children's allowance should be cut, and the rate made equal for each child. It's currently 150 a month, something I don't see why the tax payer should subsidise.

Social welfare should be cut by 5%. Unpalatable but the country can't afford it.

Some semi-states to be sold off. The government has no business trying to run a company that can just as easy be run by the private sector. For examply, RTE. TV3 manages just fine, even without the help of an expensive licence fee. Abolish tv licences and sell it off.

Merge or eliminate quangos, there are simply too many of them. For example, the road safety authority should be eliminated, and responsibility given to the department of transport.

Increase DIRT. If people are saving more now, we might as well make some money from it. It might also persuade people to spend more.

Introduce water rates, with any revenue earned going directly to improving the country's water supply.

johnboy_123

2 good ideas here

Cut all P.S workers by 50% and when they go on strike dont pay them ...Could save billions

Allow Rich Americans/Iraqis come in and for a million Euro allow them to blow up a house in one of the houses in the ghost estates

Plus 10

gurramok wrote: »

Yes, they need to sort out childcare. Its ridiculous at the moment that both parents have to go out to work while they throw their child into childcare costing a grand a month or so.

The handout culture has to end, there needs to be a balance of supporting a stay at home parent to mind the child while it doesn't crucify the households income nor stop them entering the workforce again.

The tax structure was changed to individualisation a couple of years ago when we were a "full employment economy" - I believe it should be changed back to the couple getting double the reliefs/allowances of single person, etc.

In principal this would actually cost the county money in additional reliefs, etc but in a scenario we are in now where the reliefs/allowances are likely to be completely overhauled it would seem the right time to do it.

It would promote 2 income families potentially giving up one of the incomes and minding their children at home. In this scenario it would potentially free up an job for one of those many persons unemployed

DoesNotCompute

The government should apply income tax to all the hundreds of millions of Irish citizens throughout the world who claim Irish citizenship through descent in order to live in other EU countries. If they really gave a toss about being Irish, they wouldn't mind paying Income Tax to the Irish government to help bail us out.

Aard

DoesNotCompute wrote: »

The government should apply income tax to all the hundreds of millions of Irish citizens throughout the world who claim Irish citizenship through descent in order to live in other EU countries. If they really gave a toss about being Irish, they wouldn't mind paying Income Tax to the Irish government to help bail us out.

I think there's merit in that. I have several acquaintances who have done just what you said - Americans who got Irish passports in order to live in Belgium for example. In the United States, this kind of taxation applies, but it doesn't seem to stop people who live abroad from rescinding their US passports.

johnboy_123

DoesNotCompute wrote: »

The government should apply income tax to all the hundreds of millions of Irish citizens throughout the world who claim Irish citizenship through descent in order to live in other EU countries. If they really gave a toss about being Irish, they wouldn't mind paying Income Tax to the Irish government to help bail us out.

This may be hard with the new regulations that mean that if an irish person is abroad for 2 years + they are not entitled to the scratch when they come back

femur61

Nijmegen wrote: »

Get rid of Croke Park. I'm sorry, but we can't be making huge cuts from the likes of the Health budget without being able to touch 70% of it.

Public sector pensions need to take a hit, particularly if private sector and old age pensions will be hit.

I feel like a broken record but couldn't agree with you more. I am compossing a letter to send to all the TD's, all 166 of them to complain about everything. Maybe I will be able to claim the stamps as expenses.:P

Sleepy

I agree with quite a few of the suggestions already made here. The removal of a raise in child benefit for the 3rd and subsequent child is a no-brainer imho. Kids get cheaper the more you have as you can re-use cots, buggies etc and pass clothes and toys down amongst them etc. Also, cooking becomes cheaper per serving the more of it you make.

Does the government have enough land anywhere within half an hour of Dublin to sell Ryanair along with a license to set up their own airport? Or would that simply bankrupt the DAA (if Terminal 2 hasn't done that already).

I quite like the idea of a text message tax as it's a relatively painless means of increasing taxes and those that are that opposed to it can always work around it.

Raise tax rates and give private sector workers a tax credit excluding them from having to pay it. It's not a paycut so it honours Croke Park

Bin the scrappage scheme, utter waste of money.

Apply a tax on private school fees and ring-fence the amount raised for the department of education.

Remove charity status from religious organisations.

Drastically reduce the number of days tax exiles are allowed to spend in Ireland to discourage the activity.

Inheritance tax of 50% unless the child can be proven to have significantly contributed to the value of the assets being inherited (e.g. having worked full time in the business etc.)

A tax of 75% on the transfer of assets to a spouse or family member (or the difference between it's market value and the price at which it's sold to them). Possibly wide open to avoidance but I'm sure a tax consultant could find a way of making it water-tight.

Make married couples a single financial unit. No more wives worth millions whilst their husbands claim to be living on €200 a week whilst owing the taxpayer millions.

Allow co-habiting couples to share tax credits as married couples can. Encouraging single income families could reduce our social welfare expenditure and the status quo is discriminatory against those who either don't hold with or can't afford a marriage.

10% off all forms of welfare. Almost every working person in the country has taken a similar hit, time for those who we're providing for to follow suit.

Reduce the levels of rent supplement by 20-30% to reflect the reality of the current rental market. Apply this in a fashion that means the landlords take the hit rather than the tenants.

*SLASH* politicians salaries, expenses, ability to claim pensions before they're retired, multiple pension entitlements, etc. etc. More important as a means of re-establishing the political classes credibility than for whatever savings can be made.

Treat pensions the same as PAYE income.

Bring social welfare pensions back in line with job-seekers benefits and remove all the extra agist benefits currently being used by Fianna Fail to bribe the OAP vote.

ninty9er

Income adjustments:
Cut current PAYE rates:
Standard: 12.5%
Higher: 37%

Keep people out of the PAYE net at the current cut off.

Increase the income levy on the same limits and apply it to all income above €1:

2% up 5.5% to 7.5% for the first €75,036
4% up 6% to 10% on income between €75,037 ad€174,980
6% up 10% to 16% on income in excess of €174,980

To explain the logic, levies are applied before credits are unavoidable through tax shelters.

Social Protection Payments
Reduce all levels by 7.5% (same effect as applying the income levy) for all payments except Jobseekers Benefit.

Public Sector
Remove all pension entitlements for new entrants. Put a PRSA Scheme in place which they can avail of if they wish.

PS earnings up to €35k unchanged
PS earnings between €35k and €60k reduced by 3%
PS earnings between €60.001k and €75k reduced by 5%
PS earnings between €75.001k and €100k reduced by 10%
PS earnings above €100k reduced by 25%

This aggregates to just less than 1% for someone on €45k, 4% for someone on €100k, 14.5% for someone on €200k. Apply this to currently paid PS pensions too.

When you consider it will include ministers who have already taken between 20%-30% in the last 2 years that is showing that they are willing to share the pain. Cutting the salaries of just those on over €100k won't save much money, in fact this would probably not save vast amounts, but could amount to a day's spending over the course of a year.

Remove lump sum superannuation payments at retirement. Teachers and nurses getting €70/80k payments just for "serving their time" is sickening to be honest. They've gotten paid enough to do the job, we don't owe them anything more.

Aard

Sleepy wrote: »

Inheritance tax of 50% unless the child can be proven to have significantly contributed to the value of the assets being inherited (e.g. having worked full time in the business etc.)

Capital Acquisitions tax is currently 25% on anything above a certain threshold. For children, the threshold is €414,799. For close relatives it's €41,481, and for others it's €20,740. Inflation included, these are about double the thresholds of those in the late 1980s. Perhaps the easiest thing to do would just reduce the tax-free thresholds. This would also broaden the CAT net, giving somewhat more stability to tax receipts.

We all hate tax but our tax rate is surely already comparatively low - it should be the same.
Personally my bugbear is PS pensions, scrap the DB system.
Do something about childcare!
Reduce SW and have it on a declining scale once you're on it over a certain length of time

*SLASH* politicians salaries, expenses, ability to claim pensions before they're retired, multiple pension entitlements, etc. etc. More important as a means of re-establishing the political classes credibility than for whatever savings can be made.

This +1000!
I originally thought the multiple pension entitlements were from different years of service but no - no multiple entitlements from the same years of service please.
Someone else elsewhere made the point of having a pool of ministerial cars that you must book in advance instead of drivers for every single one - if this is in any way feasible I would go for it.

Jesus Wept

daithicarr wrote: »

I would strongly disagree on the need for less children, Europe is ageing fast, Irelands Fertility rate is around 2.1 children per woman, which is just about replacements level. Our relatively young work force is an asset, a larger older cohort is a strain on the economy. The more children we have the more future workers the state has, and Ireland is by no means over populated, if anything we could do with 8 million people rather than 4, it would help with economy's of scale and all that.

If we do stabilise our finances and get back on track pro children policy's like reduced education and greatly reduced childcare costs etc should be pursued to ensure we continue to have what no other european state has, a naturally growing and young population.

Surely the reason the population is top heavy age wise is because families in the past were so stupidly large.
We can't and shouldn't chase that for ever, it's not a good way to live.

I don't know what the solution is though.

zootroid wrote: »

Children's allowance should be cut, and the rate made equal for each child. It's currently 150 a month, something I don't see why the tax payer should subsidise.

Only realised a few weeks ago that the rate increases for the 3rd child onwards, it is insane.
Has any lreason ever been given for this?

Sleepy wrote: »

Inheritance tax of 50% unless the child can be proven to have significantly contributed to the value of the assets being inherited (e.g. having worked full time in the business etc.)

A tax of 75% on the transfer of assets to a spouse or family member (or the difference between it's market value and the price at which it's sold to them). Possibly wide open to avoidance but I'm sure a tax consultant could find a way of making it water-tight.

That's awful.

FreudianSlippers

Quoting what I think is a good idea:

flutered wrote: »

1.50% increase on betting tax
5% on off shore gambling
5% on stud farms
1 euro on all medical card scripts
1 euro on all medical card gp visits
over 70s medical cards to be means tested
free travel pass to be means tested
15% off child benefit, also means test it
5% tax on all social welfare
3% off vat until 1st april 2011
2 cent on cigs
2 cent on alcohol
introduce prsi to the ps
remove the gov jet
remove the perks from retired politicians
sitting politicians cannot draw a pension

nordisk celt83 wrote: »

• Lease Terminal 1 and the adjoining car park of Dublin Airport to Ryanair, and let them operate it independently of the DAA. At a guess, this could raise a billion for the state. (maybe more)

• Tax/eliminate child benefit for those earning over 80k. Atm Child Benefit costs circa €2.2billion, so huge reductions could be made by cutting/taxing the better off in relation to this benefit.

• Currently child benefit is given at a rate of €150 for the first two children and €180 for the third child. People shouldn't be encouraged to have so many children, and this child benefit should be reduced for additional children...

• Cut wages for those in the public sector earning over 75k.

• Reduce overseas development aid by 20%. This may seem cruel, but in the long-term it will result in Ireland being better able afford its overseas development fund.

• Gambling taxes introuced/increased!

• Cut social welfare for all persons living with parents and all single/married persons with no children by 10%.

• Reduce dole payments to every two weeks, and reduce signing on dates to every two months. As well as reducing public sector pay dates to once monthly. This should bring some reductions in administrative/postal costs.

• Reduce politicians wages, and pool ministerial cars.

• Increase rate on D.I.R.T marginally!

ninty9er wrote: »

Income adjustments:
Cut current PAYE rates:
Standard: 12.5%
Higher: 37%

Keep people out of the PAYE net at the current cut off.

Increase the income levy on the same limits and apply it to all income above €1:

2% up 5.5% to 7.5% for the first €75,036
4% up 6% to 10% on income between €75,037 ad€174,980
6% up 10% to 16% on income in excess of €174,980

To explain the logic, levies are applied before credits are unavoidable through tax shelters.

Social Protection Payments
Reduce all levels by 7.5% (same effect as applying the income levy) for all payments except Jobseekers Benefit.

Public Sector
Remove all pension entitlements for new entrants. Put a PRSA Scheme in place which they can avail of if they wish.

PS earnings up to €35k unchanged
PS earnings between €35k and €60k reduced by 3%
PS earnings between €60.001k and €75k reduced by 5%
PS earnings between €75.001k and €100k reduced by 10%
PS earnings above €100k reduced by 25%

This aggregates to just less than 1% for someone on €45k, 4% for someone on €100k, 14.5% for someone on €200k. Apply this to currently paid PS pensions too.

When you consider it will include ministers who have already taken between 20%-30% in the last 2 years that is showing that they are willing to share the pain. Cutting the salaries of just those on over €100k won't save much money, in fact this would probably not save vast amounts, but could amount to a day's spending over the course of a year.

Remove lump sum superannuation payments at retirement. Teachers and nurses getting €70/80k payments just for "serving their time" is sickening to be honest. They've gotten paid enough to do the job, we don't owe them anything more.

Plus

Politician Salaries:

• €100,000 per annum for every 300,000 people in their constituency to TDs.

• Cap the taxable expenses at €50,000

• Set an amount of money given to each person that they must use for transport, secretaries, etc.

• Cut Taoiseach wage by 15%

Tax:

• Abolish Stamp Duty on conveyance of residential property, replace it with a flat-rate property tax of €100 per month for owner-occupier homes and €200 per month for second and subsequent properties.
• Alone that could bring in about €3bn-€4bn

• Introduce a charge on water over a certain amount afforded to each household for free.

Spending:
Fund infrastructure projects and get people back to work.

• Build Metro North and Dart Underground

• Spend on improving the rail network in Ireland - faster trains etc.

• Build a nuclear power plant.

• Improve our port facilities and attract more shipping business to the West of Ireland.

Verance

Thanks for all the comments people, very helpful!

Justme1 wrote: »

Eh sorry but why don't you do your own homework???

I intend on writing the 2,500 word essay myself, just looking for ideas/advice, something which the policy-makers should look for too.

Sleepy

The-Rigger wrote: »

That's awful.

Why?

Inherited wealth does nothing to promote productivity or equality of opportunity in society.

Personally, I'd rather my daughter had a good education and an even playing field to compete on rather than a wedge of cash she inherits from me.

Aard

In another thread (http://boards.ie/vbulletin/showpost.php?p=68717833&postcount=170) I gave an idea of reforming VAT rates.


Very basically, the idea is to conflate the 0%, 13.5%, and 21% rates into one single "flat" rate of 15%. There are currently items that are exempt from VAT (which is different from the 0% items), things such as children's clothes, education, and healthcare. These exemptions would continue.


I estimate that with this single rate, mostly by way of administrative efficiencies, total VAT receipts would increase by €1.16bn.

The_Honeybadger

Sleepy wrote: »

Why?

Inherited wealth does nothing to promote productivity or equality of opportunity in society.

Personally, I'd rather my daughter had a good education and an even playing field to compete on rather than a wedge of cash she inherits from me.

I see your point here but in fairness if somebody works bloody hard all their lives and wants to see their family provided for by dividing up what he / she has accumulated, I think they should be allowed, while it should be taxed of course 50% is far too severe IMO, and this is coming from somebody from a working class background, I won't be getting an inheritance so it doesn't effect me one way or the other. And yes, education and a stable and loving upbringing will be far more valuable to your child than a large cash gift.

boomchicawawa

Gloom and doom, thats all we are being fed....more tax's and cuts. Why cant someone come up with an idea for raising money from those that are hording it. Apparently there is over 100 billion in savings accounts in the land, more than enough to clear our debts NOW... It means we have the answer to our own problems, lying in accounts giving little or no return or being stuffed in mattresses ! My first idea is that NAMA make share options for some of the NAMA land, float the shares and recoup the money NOW. then have an agreement that the land will be sold at public auction in 5, 7 or 10 years. Hopefully by this time the land will have increased in value and the share holders (us) will get back our money and a little bit more. The government can then use the instant cash from the share sale to alievate the burden on the tax payer. Secondly, they could start a scheme like the SSIAs but not with a return as high as before and borrow the money from the public instead of taking it off us for nothing. They could offer a smaller return in 5 years and a better return for 10 years......Also, they should be in a better position to pay back these loans from us if they are not paying crippling interest rates to the Bond Bandits. ..Maybe these are mad ideas but at least its a way of raising cash NOW and with some hope of seeing a return for our money. I would be willing to invest a small amount in either scheme, would anyone else ?

deelite

My idea's

With all those housing (ghost estates and council houses) standing empty - surely it would be better to stop Rent Allowance and offer the recipents one of these houses to rent instead.

Bring back Matrons to the hospitals. They'd stop all the over-spending and ensure that everything is running smoothly. And I bet that would save a fortune.