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Whatever way we vote, you'll be a few grand out of pocket

  • 24-02-2011 1:05am
    #1
    caseyann
    Closed Accounts Posts: 7,941 ✭✭✭


    I found this and a very good run down on everything.
    I dont know if anyone else seen it yet or posted sorry if they did.

    Still not sure who to back this Friday? If you're a high-earner, your future tax bill may help you decide, writes Louise McBride


    http://www.independent.ie/business/personal-finance/whatever-way-we-vote-youll-be-a-few-grand-out-of-pocket-2548146.html

    Enjoy :p


    Fine Gael also plans to abolish the PRSI relief on employer contributions -- a move that would make it more expensive for your boss to contribute to your pension. "This may act as a disincentive to employers to contribute to pension schemes and therefore has the potential to significantly reduce an individual's pension pot," says Mitchell.

    The abolition of the relief could also be detrimental for defined benefit pension schemes, which have traditionally paid pensions equivalent to a fraction of your salary at retirement.

    "Abolition of PRSI relief on employer contributions would increase the funding costs of defined benefit pensions at a time when such schemes are seriously underfunded," says Griffin. "It would be another nail in the defined benefit coffin."

    On top of this, Fine Gael plans to increase Capital Gains and Capital Acquisitions Taxes from 25 per cent to 30 per cent.


Comments

  • #2
    Liam Byrne
    Closed Accounts Posts: 18,163 ✭✭✭✭Liam Byrne


    Misleading thread title as it only applies to people who have pensions and other cushy entitlements that expose them to things like Capital Gains Tax.

    Someone has to pay, and less-well-off certainly can't afford to.


  • #3
    pigeonbutler
    Registered Users, Registered Users 2 Posts: 666 ✭✭✭pigeonbutler


    @liam byrne Once again we have the lazy analysis suggesting that in Ireland the less well-off carry an unfair tax burden.

    We have one of the highest tax rates in developed world for high earners and one of the lowest levels of tax on low earners. That is fact. Rhetoric won't disprove it. Try compare us to UK, Sweden, France, Germany, etc. The real problem the politicians won't tell you is that we need low and middle earners to pay MORE tax to rebalance our tax take.

    I don't see what sort of "cushy entitlements" might expose one to CGT. It applied to gains on sales of assets when I was doing my exams. Perhaps you don't know what your talking about?


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