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Property and inheritance taxes should be raised, says State’s commission on tax and welfare

  • 31-08-2022 8:12am
    Registered Users Posts: 326 ✭✭bluedex

    Plus increased excise on fuel among other things.

    Apologies if this is covered elsewhere

    Never argue with an idiot. They will only bring you down to their level and beat you with experience.



  • Registered Users Posts: 326 ✭✭bluedex

    I think that's exactly what will happen. It's also meant to cover our transition to "green" energy, make what you will of that...

    Never argue with an idiot. They will only bring you down to their level and beat you with experience.

  • Registered Users Posts: 14,446 ✭✭✭✭Fr Tod Umptious

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  • Registered Users Posts: 12,586 ✭✭✭✭Geuze

    I am 100% for higher fuel excise / carbon taxes and property taxes, on the condition that taxes on working are reduced.

    After 37k approx, a marginal tax rate (MTR) of 48.5% kicks in.

    In my opinion, somebody on below median earnings should face maybe 30% MTR.

    The top MTR should start at maybe double average earnings, say 100k.

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  • Registered Users Posts: 6,000 ✭✭✭Ubbquittious

    If we still had property tax by another name there would be no need to bring in an additional tax to do the same thing? LOL

    There would be no need for the additional revenue if they were just a bit more careful with their spending. If they didnt bother bailing out private banks to the extent they did for example or building a massive motorway network while at the same time telling people to stop using cars because they're bad for the environment

  • Registered Users Posts: 12,586 ✭✭✭✭Geuze

  • Registered Users Posts: 6,251 ✭✭✭Allinall

    How is it punishing people?

    Unless you think income tax and VAT are also punishing people?

    Its a tax on unearned income, same as all others.

  • Registered Users Posts: 12,586 ✭✭✭✭Geuze

    Civil servants don't think like you suggest (which seems to be a joke)

    They analyse decades of economic and tax theories.

    I suggest you read the first three pages of chapter 16 of the Mirrlees report on optimal taxation

    If you are designing an optimal tax system, you should have property taxes in there.

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  • Registered Users Posts: 12,586 ✭✭✭✭Geuze

    Inheritance tax is a minor tax that hardly anybody pays, due to the exemptions.

    Yes, it does generate strong opinions.

    Our CAT rate is high, yes, and SF want to increase it further, yes.

    But there are exemptions, so few people pay CAT.

    Mirrlees chapter 15 covers taxes on wealth transfers:

    "Taxation of wealth is a topic that excites strong passions. Some view it as the most direct means of effecting redistribution and key to achieving equality of opportunity. Others see it as the unjustified confiscation of private property by the state. Given these opposing viewpoints, it is not surprising that this is an area of taxation where international practice differs dramatically. Most OECD countries have taxes on income, spending, corporate profits, and so on, with recognizably similar goals. Practice with taxes on wealth varies widely. Some countries levy taxes directly upon wealth holdings, while others only tax transfers of wealth. There are some countries that do not tax wealth at all."

  • Registered Users Posts: 2,276 ✭✭✭downtheroad

    This commission realise we are far too reliant on the tax take from 10 companies that in 2021 paid over 50% of the Corporation Tax receipts collected. And 100 companies paid over 80% of the Corporation Tax collected last year.

    I completely agree with you that current spending needs to be reigned in rather than increasing tax rates as proposed, but how the hell do we do this given the news this week of the latest public sector pay rise.

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