Budget 2015 - Interesting Calculators in Irish Times

Quin_Dub

Where does your tax go?

I've seen this kind of thing before , but not sure if I've seen one for Ireland. Some interesting info from it..

About 12% of tax goes on paying debts , with 23% of current debt being Bank debt (€47B of €203B)
About a third goes on Social Programs
A quarter on Health/Children
About 15% on Education.

Where do you fit in?

Definitely haven't seen this kind of data before.. Not sure if I quite agree with all of the logic behind equivalised income but I see what they are trying to do with it.

According to the logic used a family of 2 Adults and 2 Children under 14 with take home earnings of €2.5k/month are worse off than 76% of the population. The same family bringing home €5k/month are better off than 73% of the population..

I think the tax breakdown info is very useful and this link shows the tax impact at various earning levels over the last 7 years or so..

For example a single person on €19k is now paying 6.8% more in tax than they were in 2007 and a "middle income" couple earning €120k a year are down 8.2%.

The info there is interesting in that it shows that the more you earn , the larger the impact to your salary has been in tax terms over the last 7 years.

Debunks some of the stuff being touted by PbP etc. in recent times...

BoJack Horseman

What were PbP touting that differed from that infographic? (which is very good btw).

Quin_Dub

BoJack Horseman wrote: »

What were PbP touting that differed from that infographic? (which is very good btw).

That the lower paid had been unfairly and unequally targeted...

Think the info shows that everybody got hit in the same progressive manner that all the taxes in this country hit , the more you earn the higher the % impact..

efb

I think they were also using indirect taxes

_Kaiser_

"You are better off than 90% of the population.
You are worse off than 10% of households."

Ouch! Certainly doesn't feel that way!

Idbatterim

PbP? give me a break! the poor unfairly targeted, yeah the poor on E33,000 paying through the nose for everything and 52% marginal rate above that figure. There is a reason that we can afford to pay welfare rates way out of line with other countries, someone is obviously paying for this and its lowish (wouldnt say E33k is quite "low" pay) middle and high income earners...

munchkin_utd

Quin_Dub wrote: »

That the lower paid had been unfairly and unequally targeted...

Think the info shows that everybody got hit in the same progressive manner that all the taxes in this country hit , the more you earn the higher the % impact..

the lower paid in Ireland are probably the best lower paid workers in Europe thanks to an insanely high tax free allowance/ tax credit (or tax threshold as you can call it either).

The UK threshold is at 10k sterling and is highest in the G7 (the richest industrial nations)
Ireland is 50% more generous than that at about €17000 euro before you pay a cent of tax.

in comparison, in Poland you pay tax on all your income over €736 !
http://en.wikipedia.org/wiki/Income_tax_threshold

Menas

_Kaiser_ wrote: »

"You are better off than 90% of the population.
You are worse off than 10% of households."

Ouch! Certainly doesn't feel that way!

Gis a job boss?

Quin_Dub

munchkin_utd wrote: »

the lower paid in Ireland are probably the best lower paid workers in Europe thanks to an insanely high tax free allowance/ tax credit (or tax threshold as you can call it either).

The UK threshold is at 10k sterling and is highest in the G7 (the richest industrial nations)
Ireland is 50% more generous than that at about €17000 euro before you pay a cent of tax.

in comparison, in Poland you pay tax on all your income over €736 !
http://en.wikipedia.org/wiki/Income_tax_threshold

Agree completely...Entry and exits point of the various tax bands are totally out of whack...

Wile E. Coyote

_Kaiser_ wrote: »

"You are better off than 90% of the population.
You are worse off than 10% of households."

Ouch! Certainly doesn't feel that way!

You are better off than 92% of the population.
You are worse off than 8% of households.

In your face :P

zl1whqvjs75cdy

Apparantly better off than 70% of the population. Why am I so broke then?

Steven81

76 and 24, doesnt take into account car use and childminders, mortage though.

Wile E. Coyote

donkeyoaty0099 wrote: »

Apparantly better off than 70% of the population. Why am I so broke then?

It's an interesting calculator but I wouldn't read too much into it. It doesn't take into account any of your outgoings. If this was based on disposal income after all bills we'd all be at the bottom end of the scale.

Idbatterim

Apparantly better off than 70% of the population. Why am I so broke then?

you are probably one of the large number that pays in through the nose and doesnt get the goody bag of freebies in return!

osarusan

I see it more as a 'this is how much you'll actually have to pay whatever bills you have' than a 'how rich/poor are you'.

Alkers

donkeyoaty0099 wrote: »

Apparantly better off than 70% of the population. Why am I so broke then?

Lifestyle choices?

highgiant1985

You are better off than 96% of the population.
You are worse off than 4% of households.

anncoates

If anybody wants a effective contraceptive device, do what I did and run your overall household income twice: once with your 2 dependent kids included and once without.

Capt'n Midnight

Quin_Dub wrote: »

For example a single person on €19k is now paying 6.8% more in tax than they were in 2007.

Does that take into account Water Charges and Bin Charges and Household Charges ?

Geuze

A pensioner couple on 48,900 pay under 10% direct income taxes.

What a generous country we live in.

dxhound2005

highgiant1985 wrote: »

You are better off than 96% of the population.
You are worse off than 4% of households.

Congratulations. Your are one of the Elite. You tuk all our money.

Quin_Dub

Capt'n Midnight wrote: »

Does that take into account Water Charges and Bin Charges and Household Charges ?

Not 100% certain but I suspect it only covers direct taxation as it is a budget related article so probably doesn't cover those items.

BMJD

notbad.jpg

How you compare
You are better off than 96% of the population.
You are worse off than 4% of households.