Tax Changes under a Sinn Féin Government

2011

Just saw this:

With the increased popularity of Sinn Féin it is timely to consider their tax proposals. These include a 48% income tax rate on income over €100,000, the introduction of a 1% wealth tax on assets over €1 million and increases in both capital gains and capital acquisitions taxes to 40%. They also propose the introduction of a 15.75% employers PRSI rate on salaries in excess of €100,000 and a reduction in interest relief for landlords from 75% to 40%. They would also restrict tax relief on pensions, section 23 relief and EII to the 20% rate.

As we know Sinn Féin oppose the property tax and water charges but would reintroduce the non-principal private residence charge at €400. They propose increasing betting taxes which they estimate would yield €114 million.

It appears to be a reputable source, see link. It is the cut in tax relief that I disagree with the most.

Any thoughts / comments on the merits of their proposals (not the whole IRA / political thing)?

super_furry

Reintroducing betting tax is a non-starter. How do you enforce that for online gambling? And then if you do attempt to enforce it for online gambling, say goodbye to every single online bookmaker based here.

drdidlittle

All talk. If SF get in as a minority partner with FF etc. they will go the same way as Labour, PD's or Greens. If the get in as the larger party real politic will sort them out.

corkgsxr

From what I can gather from what they say. If they do what they want. Were going to burn Europe go back to punt which will apparently be amazing. You pay feck all tax unless you earn loads and then you'll pay loads of tax cos thats only fair.
Everything will be fixed and no household or water tax.

Does that cover it?

Banjo String

Jesus, AH has some size of a raging hard on for SF threads this past few weeks.

Almost since the start of the elections (coincidentally)

awec

48% on anything over 100k.

Wow.

Tail Docker

2011 wrote: »

Just saw this:

With the increased popularity of Sinn Féin it is timely to consider their tax proposals. These include a 48% income tax rate on income over €100,000, the introduction of a 1% wealth tax on assets over €1 million and increases in both capital gains and capital acquisitions taxes to 40%. They also propose the introduction of a 15.75% employers PRSI rate on salaries in excess of €100,000 and a reduction in interest relief for landlords from 75% to 40%. They would also restrict tax relief on pensions, section 23 relief and EII to the 20% rate.

As we know Sinn Féin oppose the property tax and water charges but would reintroduce the non-principal private residence charge at €400. They propose increasing betting taxes which they estimate would yield €114 million.

It appears to be a reputable source, see link. It is the cut in tax relief that I disagree with the most.

Any thoughts / comments on the merits of their proposals (not the whole IRA / political thing)?

Sounds good to me. Honestly, I have no issue with any of the above. I'd like a look at their corporation/commercial tax proposals too. That's where the real money lies. Both meanings of the word lies too.:)

Karl Stein

I'm guessing that those figures would be a starting point in negotiations prior to entering a government.

Guy:Incognito

Tail Docker wrote: »

Sounds good to me. Honestly, I have no issue with any of the above.

Do you earn over 100k?

Tail Docker wrote: »

I'd like a look at their corporation/commercial tax proposals too. That's where the real money lies. Both meanings of the word lies too.:)

Suppose we could tax them a fair whack and they could up and leave. Then we'd still have no tax take but thousands more on the dole to pay for as well as the drop in income tax.

kumate_champ07

I want to live in a society that treats everyone equally and but also doesnt begrudge wealthy people*, cut out corruption(maybe impossible) and have fair wages for all, but dont penalize people for working hard in their chosen profession

except bankers, parasitic scumfúcks!

Fratton Fred

Tail Docker wrote: »

Sounds good to me. Honestly, I have no issue with any of the above. I'd like a look at their corporation/commercial tax proposals too. That's where the real money lies. Both meanings of the word lies too.:)

Yep, tax the well paid, give it to the low paid and remove any incentive to have a successful career, study to be a lawyer, doctor etc, or worse still, see all those people move abroad to further their careers.

Dumb down the entire population in otherwise.

steddyeddy

No issue with any of the above. I will be on well over 100k eventually and If I can't live on that then there's something wrong with me. The economy needs to be fixed and we need desperate measures.

bumper234

Banjo String wrote: »

Jesus, AH has some size of a raging hard on for SF threads this past few weeks.

Almost since the start of the elections (coincidentally)

Don't you get it yet?


People are not excited about sinn fein getting into power people are AFRAID of sinn fein getting into power.

michael999999

Fratton Fred wrote: »

Yep, tax the well paid, give it to the low paid and remove any incentive to have a successful career, study to be a lawyer, doctor etc, or worse still, see all those people move abroad to further their careers.

Dumb down the entire population in otherwise.

As opposed to the taxing of the low paid to pay off the bankers and Bertie aherns developer mates and fund Mary hanafins four pensions?

Ya you carry on supporting fianna fail and there wonderful monetary policy's!

mickydoomsux

Fratton Fred wrote: »

Dumb down the entire population in otherwise.

A dumb populace will keep re-electing SF. This is all part of their masterplan

A United Ireland full of slack-jawed yokels.

kneemos

High earners create employment,taxing them to the hilt is counter productive.

steddyeddy

kneemos wrote: »

High earners create employment,taxing them to the hilt is counter productive.

They all create employment?

michael999999

kneemos wrote: »

High earners create employment,taxing them to the hilt is counter productive.

Yep and giving the likes of bausche and lambe massive tax breaks really helped the 200 people let go yesterday and the 1000 people given 20% pay cuts.

michael999999

bumper234 wrote: »

Don't you get it yet?


People are not excited about sinn fein getting into power people are AFRAID of sinn fein getting into power.

I thought British soldiers didn't show fear?

Frigga_92

The information in the OP is available in SF's budget proposal document. It's on their website.

Proposals to increase CGT and lower CAT thresholds are one of the reasons I would not like to see them in government.

Guy:Incognito

steddyeddy wrote: »

They all create employment?

Even if they aren't employing people in the thing they are making money off, unless they are living like a hermit and hording all their money in cash at home, then yes.

Tail Docker

Guy:Incognito wrote: »

Do you earn over 100k?



.

I do, and i pay a lot of tax - employers prsi etc etc. You do your bit. That's life. Why prey on the lower paid?

kumate_champ07

theres the Direct Democracy option, maybe they come across as eccentric weirdos but perhaps the actual political party doesnt matter if DD is implemented, people get to make their own choices, not the politicians


get rid of politicians and give their jobs to 'experts', we have a president that makes sure the constitution is adhered to anyway

steddyeddy

Guy:Incognito wrote: »

Even if they aren't employing people in the thing they are making money off, unless they are living like a hermit and hording all their money in cash at home, then yes.

Explain?

kneemos

michael999999 wrote: »

Yep and giving the likes of bausche and lambe massive tax breaks really helped the 200 people let go yesterday and the 1000 people given 20% pay cuts.

Pretty good employers from what I can gather till they were taken over.

Guy:Incognito

Tail Docker wrote: »

I do, and i pay a lot of tax - employers prsi etc etc. You do your bit. That's life. Why prey on the lower paid?

When your bit gets to be a huge amount of your income, why bother working so hard? Get and easier job, earn less (but take home the same) ,enjoy life more.

Banjo String

kneemos wrote: »

High earners create employment,taxing them to the hilt is counter productive.

Let me quote Mr Patrick Rabbite.

In particular, Mr Rabbitte warned that the Government would have to deal with high tax rates: "The current high tax rates are just not tolerable any more. There has to be some tax relief."

He added: "The Universal Social Charge is punitive. It is not acceptable in any democracy, where you are dependent on the allegiance of the people, that citizens become liable to the top rate of tax at the industrial wage."

http://www.independent.ie/irish-news/politics/pat-rabbitte-high-taxes-will-bring-coalition-down-before-full-term-30263330.html


Taxing middle earners to the hilt doesn't seem to wash these days either.

Guy:Incognito

steddyeddy wrote: »

Explain?

They spend money. This creates job.

Whether its a minimum wage job in the local shop, a gardener, housekeeper, creating tax take by buying stuff etc.

steddyeddy

Guy:Incognito wrote: »

They spend money. This creates job.

As does everyone. In fairness I don't think their spending is significantly more than a lot of people.

Guy:Incognito

steddyeddy wrote: »

In fairness I don't think their spending is significantly more than a lot of people.

Based on what? They generally have bigger houses, new cars, consumer goods etc.

Banjo String

mickydoomsux wrote: »

A dumb populace will keep re-electing SF. This is all part of their masterplan

A United Ireland full of slack-jawed yokels.

Skunk ain't so bad, don't knock it mickster.

https://www.youtube.com/watch?v=WHMWZx7hvJk

Guy:Incognito

Guy:Incognito wrote: »

When your bit gets to be a huge amount of your income, why bother working so hard? Get and easier job, earn less (but take home the same) ,enjoy life more.

Do you get how marginal tax rates work?

Uriel.

steddyeddy wrote: »

As does everyone. In fairness I don't think their spending is significantly more than a lot of people.

So you're saying "the rich" don't spend more?

Hmmm they sspend the same as everyone else and Bury the rest is it? Interesting.

bumper234

michael999999 wrote: »

I thought British soldiers didn't show fear?

Am no longer a serving member of her majesties armed forces

awec

All this will achieve is to encourage successful people to leave Ireland. Increasing an already too high tax rate is madness.

Why stay here and get robbed by the revenue?

100k a year is not a rich person. These people are already hammered every month by the tax man.

Toby Take a Bow

Uriel. wrote: »

So you're saying "the rich" don't spend more?

Hmmm they sspend the same as everyone else and Bury the rest is it? Interesting.

The rich would spend more, but there aren't as many rich as poor. But I don't know what actual amounts they pay.

Tail Docker

Uriel. wrote: »

So you're saying "the rich" don't spend more?

Hmmm they sspend the same as everyone else and Bury the rest is it? Interesting.

Most of the rich I know pay little or no tax. I count stupidly wealthy family members in this, one of whom used to be a tax-inspector. They spend sweet-felicity-arkwright in Ireland btw, IMO, obviously. Mean as shyte tends to be the way to get there. If your idea of someone who is really rich is someone paying prsi and on a salary that is taxable, then you have no idea what you are talking about and ought to stfu.

Young Blood

awec wrote: »

All this will achieve is to encourage successful people to leave Ireland. Increasing an already too high tax rate is madness.

I'm sure there are plenty of graduates who would be willing to take places

awec

Young Blood wrote: »

I'm sure there are plenty of graduates who would be willing to take places

How many graduates are going to walk in to 100k+ a year jobs?

Uriel.

Uriel. wrote: »

So you're saying "the rich" don't spend more?

Hmmm they sspend the same as everyone else and Bury the rest is it? Interesting.

Even before accounting for the tricks they can use to avoid taxes, they're likely to spend a lower proportion of their income. Also they're more likely to buy high-priced imports such as cars and holidays.

Karl Stein

awec wrote: »

All this will achieve is to encourage successful people to leave Ireland.

Is that why places like Somalia have boat loads of refugees from Denmark and Sweden?

steddyeddy

Uriel. wrote: »

So you're saying "the rich" don't spend more?

Hmmm they sspend the same as everyone else and Bury the rest is it? Interesting.

No they certainly spend more. The total amount of VAT paid by most people would certainly come close to that if not surpass it though.

Fratton Fred

michael999999 wrote: »

As opposed to the taxing of the low paid to pay off the bankers and Bertie aherns developer mates and fund Mary hanafins four pensions?

Ya you carry on supporting fianna fail and there wonderful monetary policy's!

The lower paid are, proportionately, taxed lower already.

Middle income workers on €40 to €65k are the ones getting hammered.

Phoebas

Young Blood wrote: »

I'm sure there are plenty of graduates who would be willing to take places

Replacing successful people with graduates doesn't seem like a great idea.

Young Blood

awec wrote: »

How many graduates are going to walk in to 100k+ a year jobs?

Very few, but I'm sure there are no shortage of people who would fill the void. Afterall, there are people currently working in this country practically for free for people who make well in excess of a 100k a year.

I cant wait for sein finn to get a huge majority....
get into government.

and when they do, i give them about 6 weeks before they completely bankrupt us.
no public servants will be paid,
so no prison officers,
no guards,
no dept of social welfare staff
no public servants whatsoever!!!!!

sein finn have the worst finance portfolio ever.
let them in.
lets see what we get!!

michael999999

Fratton Fred wrote: »

The lower paid are, proportionately, taxed lower already.

Middle income workers on €40 to €65k are the ones getting hammered.

And who introduced that tax policy?

michael999999

bubblypop wrote: »

I cant wait for sein finn to get a huge majority....
get into government.

and when they do, i give them about 6 weeks before they completely bankrupt us.
no public servants will be paid,
so no prison officers,
no guards,
no dept of social welfare staff
no public servants whatsoever!!!!!

sein finn have the worst finance portfolio ever.
let them in.
lets see what we get!!

Fianna fail?

steddyeddy

I think most graduates leave Ireland because they can't get successful here in the first place.

Young Blood

Phoebas wrote: »

Replacing successful people with graduates doesn't seem like a great idea.

Don't you mean wealthy?

Banjo String

bumper234 wrote: »

Don't you get it yet?

I think I do actually.

bumper234 wrote: »

People are not excited about sinn fein getting into power people are AFRAID of sinn fein getting into power.

Boy have you nailed it. Just replace "people" with the current elite, and those before.

Ever look up insanity on Wikipedia?

Insanity is repeating the same mistakes and expecting different results.

http://en.m.wikiquote.org/wiki/Insanity