"The Creepy Millionaires Budget"

artvandulet

http://www.irishleftreview.org/2010/12/08/creepy-millionaires-budget/

Did anyone else see this? Is it correct? Madness!

The ‘creepy’ is in the detail which the Government didn’t reveal.

Social welfare rates will fall by 4 percent (except for pensioners). Regarding low-average earners this is what the budget tables tell us.



All low-average income earners - self-employed and PAYE (both private and public sector) will suffer considerable falls in income.

This is where it starts getting creepy. Those who receive income via rents, dividends, interest and self-employment (non-wage income, or Schedule D taxpayers) are, unsurprisingly, the wealthiest in society. When we hit the stratosphere of high earnings - over €150,000 per anum - those who receive income via non-wages make up nearly 75 percent of all income received above that level; the remaining 25 percent comes from high-earning PAYE taxpayers (e.g. managers, executives, higher professionals, etc.).



What happens to these high-income, non-wage earners? According to the budget tables.

They get off pretty lightly - seeing their net income fall by approximately 1 percent. Contrast that with low-average income earners, including social welfare income. It’s substantially less.

But this is where it gets really creepy.


The budget tables stop their comparisons at €175,000. With the help of the Deloitte tax calculator, we can go higher. This is what Deloitte tells us for non-wage incomes that leave the stratosphere and circle far above the planet the rest of us live on.



That’s right - those are not negative figures. Budget 2011 provides considerable tax breaks for those on very high non-wage incomes. If you happen to be a millionaire you are nearly 6 percent better off with Fianna Fail’s budget. How does this occur?

This is how Deloitte breaks down the millionaire’s budget. They will pay €11,936 more on income tax and PRSI. However, under the Universal Social Charge, they pay €34,931 less than under the Health and Income levies which the Charge. That really puts the ‘Social’ in Universal Social Charge.

And at the risk of totally creeping you out, the ESRI estimates that there will be no wage-growth next year. However, non-wage income (rents, dividends, interest, and self-employment) will grow by 29 percent. So those very high non-wage earners can look forward to not only an increase in their incomes, but tax breaks on top of that.

Truly, a millionaire’s budget.

orourkeda

Rich people get off lightly. We know

artvandulet

oh right so. forget it then.

hmmm

"Rich" people already pay over 50% tax. Our problem as a country is that half of all workers pay no income tax whatsoever, we cannot go on forever squeezing those who've studied & worked hard to achieve high incomes.

omahaid

Hmm, the budget calculator on thejournal.ie agrees with you. A self employed person earning 2.5 million a year is 68000 a year better off. Seems fair to me

Captain_Generic

hmmm wrote: »

"Rich" people already pay over 50% tax. Our problem as a country is that half of all workers pay no income tax whatsoever, we cannot go on forever squeezing those who've studied & worked hard to achieve high incomes.

Typed on his solid gold keyboard....

omahaid

Although I don't agree that it's creepy. Unfair perhaps.

This is creepy http://www.felinest.com/images/creepy-cat-4.jpg

Mr Benevolent

omahaid wrote: »

Although I don't agree that it's creepy. Unfair perhaps.

This is creepy http://www.felinest.com/images/creepy-cat-4.jpg

That's car shopped onto a sock puppet ya muppet.

http://static.desktopnexus.com/thumbnails/11097-bigthumbnail.jpg

hmmm

Captain_Generic wrote: »

Typed on his solid gold keyboard....

Do you have any idea how hard it is to type on a solid gold keyboard, it's like typing on putty. Better to go with 16 carat.

omahaid

Confab wrote: »

That's car shopped onto a sock puppet ya muppet.

car shopped like a fox :pac:

Pherekydes

"Irish-Left-Review.org-in-thinking-rich-are-creepy shocker"

ejmaztec

You have to look after the high-earners, because they're ambassadors to the country when they travel the world. It would be highly embarrassing for us peasants, if they were caught with the arses hanging out of their trousers by the paparazzi, while they swanned around like dossers on Abramovich's yacht.

Son Of A Vidic

Let us eat cake I suppose is the summary.