Savings/investments and robbing the rich

meditraitor

Very little if an press is given to the amount of bank deposits in this country? Why does the government not offset the pension/social welfare(proposed) reductions by legislating a wealth tax(dirth is nonsense) on deposits in State owned banks and wealth operator's within our beautiful country?

An example of my thinking would be the farmer who got €13 million for 20 acres in Rush/Carlow/Cork (may not be true) in 2006, why should he sit on that money and the rest of us suffer........... Thats were all the money for the nama bandits is!

mikemac

meditraitor wrote: »

in Rush/Carlow/Cork

Well that narrows it down :rolleyes:

A developer offered that money and the farmer accepted it.
What exactly did the farmer do wrong?

They would have paid capital gains tax on it.

whippet

meditraitor wrote: »

Why does the government not offset the pension/social welfare(proposed) reductions by legislating a wealth tax(dirth is nonsense) on deposits in State owned banks and wealth operator's within our beautiful country?

An example of my thinking would be the farmer who got €13 million for 20 acres in Rush/Carlow/Cork (may not be true) in 2006, why should he sit on that money and the rest of us suffer........... Thats were all the money for the nama bandits is!

I would say the main reason would be the almost certainty of an immediate run on the banks ... with deposits being moved to banks abroad etc ... The last time this happened we had to instigate a bank bailout ....

There are too many holes in your thinking

changes

meditraitor wrote: »

An example of my thinking would be the farmer who got €13 million for 20 acres in Rush/Carlow/Cork (may not be true) in 2006, why should he sit on that money and the rest of us suffer........... Thats were all the money for the nama bandits is!

It would be great to get some of this wealth from the land sales during the boom. Land values played such a large part of the whole mess they should have to pay a levy on their profits.

The whole of the working population is either paying an income levy or a pension levy to pay for the bailout why should the people who profited so much get away.

Joe Schmo

to the OP:

I think what you would like is an incremental tax on profits booked under Capital Gains Tax. EG: 25% on the first 250,000 profit, 50% on profit between 250,001 and 5,000,000 and 75% on profits above that.

The farmer (or Landowner) in your example in whatever part of the country that carried the 20 acres at a book value of 300,000 euros (for example) would have paid 9,337,500 of tax instead of EUR3,175,000 (assuming carrying values stated above and current tax values).

However, as Barack Obama believes; a more complicated tax system (in my opinion the Irish tax system is relatively straight forward and uncomplicated) begets a larger industry devoted to nothing else than tax avoidance (legal but zero-sum). The above system may seem simple but it would mean more innovation in avoiding the highest tax brackets. eg: private inter-subsidiary sales.

Permabear

This post has been deleted.

ei.sdraob

@meditraitor

you have things arseways tbh


it wasnt savings that got us into trouble but debt ALOT of debt on every level (government, personal, company)


banks need a certain amount of deposits for them to be able to lend and extend credit, no deposits -> no lending.

taxing wealth is futile that farmer example of yours if pushed could go an invest in land again with his cash, and considering prices dropped 90% hell get alot more of it nowadays. good luck trying to tax land if anything he be paid subsidies for being a farmer and not growing things (love the paradoxes created by government interference dont ya )




oh dear look at all that money leaving the country...

Eliot Rosewater

meditraitor wrote: »

why should he sit on that money and the rest of us suffer.

Perhaps because it's actually his money and not yours?