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

anewme

https://www.boards.ie/discussion/comment/119551631#Comment_119551631

The tax applies to everyone (apart from those who can get out of paying) but the exemption bands are discriminatory and favour certain demiographics.

The same exemptions should apply to all, irrespective of whether they have children or not.

The tax system is discriminatory and needs to be overhauled.

StupidLikeAFox

https://www.boards.ie/discussion/comment/119550595#Comment_119550595

Set up a property company to manage your property portfolio. Make your child a director. Resign as a director. Your child has just inherited your property portfolio.

I've no idea if there are any legal complications here but I can't think of any on the face of it?

bb12

https://www.boards.ie/discussion/comment/119551499#Comment_119551499

exactly. single people without kids are definitely discriminated against when it comes to inheritance tax. it blocks us from being able to transfer wealth like people with kids can. i really believe that single people should be allowed to nominate one or more designated people who they can leave their property to,who would have the same thresholds as other child benefactors. the system is completely unfair as it stands and with the number of childless couples rising each year, the government must be laughing all the way to the banks.

i'd love to be able to keep my property in the family as it was passed down through generations to me, but the tax burden this would place onto any nephews or nieces would inevitably mean it would probably have to be sold. hence, why would i even bother in that case? might as well sell it in my old age and reap the rewards myself. anything to prevent the government getting their greedy hands on even more. but it's sad that i feel can't leave a legacy for the next generation to ensure it would stay in the family. absolute discrimination in my view.

Drog79

https://www.boards.ie/discussion/comment/119551587#Comment_119551587

It absolutely shouldn't be a ludicrous standpoint though. Paying punitive tax just the once is enough.

By the time we pay everything else with tax added, from post tax income... I'd love to see how many cent in a euro us 'dopes' get to keep.

But this is how it's going, a subscription model just to live. Even after you've paid again and again, no free ride in retirement or having a roof over your head (property tax).

The current system of 50% tax is criminal, then I pay for everything else and give another chunk back, but still I shouldn't be able to give family anything (and I had no leg up, but just have pride in how I want to leave my stake)

Jizique

https://www.boards.ie/discussion/comment/119551701#Comment_119551701

https://www.boards.ie/discussion/comment/119551587#Comment_119551587

Great post; I was never of fan but everytime I hear about these WEF "you will never own anything" idiots, but I am really starting to fear that there is something behind it, why own something, a house, a nice car, all bought from after tax income, and them it gets hammered again

Drog79

I thought it was hilarious when I heard it first, no way etc. Sure subscription is for Netflix and pizza.

Not anymore, it now looks like anyone who earns anything decent or owns anything at all, needs to pay subscription model fees.

Drog79

I'd also like to know where the real labour party has gone. Fair days pay, 'normal' socialism to help the vulnerable in society....not this redistribution of my wealth s***e

gary550

https://www.boards.ie/discussion/comment/119551673#Comment_119551673

managing & owning property through a limited company is not a great idea for most

also still a taxable gain to your child I think as there would have to be a transfer of shares for them to retain control

Flinty997

https://youtu.be/MRpEV2tmYz4

This thread has already worked it self to the same conclusions.

thebourke

if you give money to charity when you die, there is no inheritance tax...is that right?

Drog79

https://www.boards.ie/discussion/comment/119551835#Comment_119551835

Nope, many restrictions

https://www.redcross.ie/tax/

Jizique

https://www.boards.ie/discussion/comment/119551835#Comment_119551835

Cool, you do realise that most of the money that goes to charities is spent on the "administration" rather than on the charity that you think you are sending to to; who was that old British codger that they wheeled around the country and all the Brexit crowd were on about and he even had his book in the Irish Aldi stores (not a big seller) and it turned out the guys running the charity were making out like bandits? Why would anybody believe sending to "charity" after their death is better than giving to family? bonkers

magicbastarder

https://www.boards.ie/discussion/comment/119551848#Comment_119551848

Did you read that link? The charity gets *more* than the figure you donate.

downtheroad

https://www.boards.ie/discussion/comment/119551701#Comment_119551701

Another person commenting on tax policy that doesn't know what they're talking about.

There is no 50% rate of income tax.

You do not lose 50% of your annual income to income tax.

bb12

https://www.boards.ie/discussion/comment/119551811#Comment_119551811

this is something i realised a while back...society treats childless people differently. people with kids will never see this, but those who are childless are definitely left out in the cold. we live in a world which has been built up around the family unit and society favours those with families.

will be interesting to see how it all works out esp with the climate change types telling everyone not to have kids...i don't think they understand there are other far reaching consequences to this stance which have negative consequences on those who remain childless.

HerrKapitan

https://www.boards.ie/discussion/comment/119546274#Comment_119546274

It's all in line with removing ownership rights. Starting by forcing people out by taxation. Again and again the answers are right in front of people...but its only conspiracy.

https://www.weforum.org/focus/the-great-reset

downtheroad

https://www.boards.ie/discussion/comment/119552415#Comment_119552415

Married people are taxed differently to unmarried people. Unfortunately these tax laws were written in a very different time and they haven't been updated to reflect the more modern society in which we live.

kippy

https://www.boards.ie/discussion/comment/119551701#Comment_119551701

Bit dramatic and factually incorrect.

kippy

https://www.boards.ie/discussion/comment/119552415#Comment_119552415

Ok, I am trying not to be harsh here. I know that many people cannot have children for one reason or another despite wanting them - so I am not speaking about this cohort of people.

But if everyone decided not to have children, there is no society. Having children also costs money.

I get the climate thing and increasing population, but theres no much point suggesting that we should all remain childless to save the planet, as that will definetly save the planey but wipe out the human race.....

Skyfloater

https://www.boards.ie/discussion/comment/119551243#Comment_119551243

Don't forget Stamp duty, it maxed out at 9% back in the day.

blackwhite

https://www.boards.ie/discussion/comment/119548824#Comment_119548824

Not quite tax free - you'd end up paying approx €795 in USC on that.

It's one of the reasons that calls to abolish USC make no sense - it's the most difficult tax to avoid that we have.

If people want tax cuts then focus on the Income Tax rates - USC is nearly impossible to avoid so it would be idiocy of the highest order to remove it.

downtheroad

https://www.boards.ie/discussion/comment/119553063#Comment_119553063

Down to 1% now for residential property, and 2% on any amount over €1m (again taxing the rich which is what the left want).

Speaking of, a SF TD was on last night's Tonight Show and got destroyed by the 3 other panelists for their ridiculous views on Property Tax.

fliball123

This to me really seems to be a very sinister report/move from our state. With regards to our masters and over lords, they found billions there to offer a pay rise to the public sector who have pensions paid for by the tax payer already and are already between 20 - 27% paid more for then the private sector, so all of the lads in government are also getting it, yet the duality we find ourselves in is we are told that the young people here will be paying 2K more a year to live here, that we will be working more and more years after the supposed retirement age of 65 and they expect us to pay more in taxes. No thanks. We pay more than enough in taxes to see a decent return with regards to the services provided but we see very little. We need to see bang for our buck in this country we need to see the foot been taking off the necks of people paying income tax. Why don't these people do a report on the phucking waste that is our own "national pandemic" in this country and come back with suggestions on how to save - start with the HSE and work your way through all of our very own Oligarchical structures. The money printing presses of the ECB are turned off and will not be turned back on due to inflation so we need to start cutting the fat and stop thinking the magic money tree is still out the back garden to be used on the whim of any government who finds new and unique ideas for wasting money.

blanch152

https://www.boards.ie/discussion/comment/119551760#Comment_119551760

Eh, every socialist party in the world (apart from Ireland) supports property taxes.

bluedex

https://www.boards.ie/discussion/comment/119551585#Comment_119551585

So what if it makes it easier? Innovation and entrepreneurship are needed, so there's no point making it harder. There will never be a more equitable society without it. Maybe it'll take a long time but culling all the risk takers would mean it never happens. Plus, Ireland ranks quite highly on the "equality index" when it comes to the wealth gap.

BrianD3

The value of inheritances is already seriously impacted by the "Fair" Deal scheme if a person needs nursing home care. The state takes up to 7.5% of the value of the person's assets per year (capped at 3 years for their PPR) and up to 80% of their income. It is "up to" these amounts as you don't pay more than the cost of your care as determined by the National Treatment Purchase fund. But given that private NHs cost about 1000-1500 (plus "extras") per WEEK and public about 1500-2500 per WEEK, there isn't much of a cap. I expect these weekly figures to increase significantly in coming years. In that case, there won't be much left to apply inheritance tax to for many.

Better off splurging your money on crap throughout your life, enjoying yourself and then crying poverty? Or else accumulating assets and hiding them from the HSE.

Viscount Aggro

https://www.boards.ie/discussion/comment/119551268#Comment_119551268

This exemption is rarely given.

I know a couple of people who tried to claim it,... Revenue fought them tooth and nail.

MrMusician18

https://www.boards.ie/discussion/comment/119547416#Comment_119547416

Inheritance taxes are considered particularly important for addressing wealth inequality. Wealth begets wealth so some forced redistribution at death is considered good for society as a whole.

magicbastarder

and again, it's not just on death of the benefactor. if someone gives you money or a gift with financial value over a certain amount, CAT will often apply even if they're still alive.

e.g. if your friend wins the lottery and pays off your mortgage, you have to pay tax on that.

MrMusician18

https://www.boards.ie/discussion/comment/119552099#Comment_119552099

The marginal rate of tax is close to 50% on income earned over €40k approx. While it's not "income tax" it is tax on income.

To the average person, what heading a deduction is made under is irrelevant, it's the sum total of those deductions. For me, to increase my take home pay by €15k id require a gross pay increase of €30k.