FG to just do nothing for the next 5 years.

Keyzer wrote: »

Did you actually read this article? Truthfully? Marginal tax rates mean nothing, it states this in the document.

Page 2:

Headline tax rates do not equal actual tax paid. Any move to raise the threshold at which the 41% income tax rate applies would lower the actual amount of tax paid even further than is already the case, which would imperil Ireland’s ability to provide public services, social transfers and public
investment.

A single person on €32,800 has a ‘marginal tax rate’ of 31% (income tax 20%, USC 7% and PRSI 4%) but pays no more than 18.9% of his or her gross income in taxes.

A single person on €33,800 has a ‘marginal tax rate’ of 52% (income tax 41%, USC 7% and PRSI 4%) but pays no more than 19.8% of his or her gross income in taxes.

In other words, what matters is the effective tax rate as a percentage of gross income, not headline or marginal rates.

Make sure you add 10.75% employer's PRSI too when looking at the astronomical tax take on a decent income & the pathetic services one gets for them

Keyzer wrote: »

Employer or employee? If employer, that's a completely different discussion.

Employer's - my point is merely the govt takes an astronomical amount per 100 euro earned by an employee on a half decent income

dubrov wrote: »

I know loads of people who aren't bothered pushing for promotions as when you factor in tax, the additional effort and stress just isn't worth it.

Similarly I know people who've gone into a 4 day week, "purchase" additional holidays etc as marginal rates mean it doesn't cost them as much as they'd first thought

A lot of employment surveys show people now value flexibility, holidays etc when thinking about employment these days - IMO ridiculous marginal rates are the main factor

In any case, regardless of what level it kicks in, a tax rate where the govt gets more of an extra euro earned than the worker is simply ludicrous IMO

Wow. Some very angry winners in here today

Keyzer wrote: »

The tax on the additional 10K is not 50% for jaysis sake - above the threshold its 40%.

If your on 30K - your total deductions (tax, usc and prsi) is 15.24%
If your on 40K - your total deductions (tax, usc and prsi) is 21%

You are not paying 50% tax....

The more you earn, the more tax you pay - that's the same in nearly every country in the developed world.

yes but if on 40k and earn a 10k promotion, on that 10k extra you will pay almost 50% tax

Lads you are just arguing past each other. Yes, the overall or effective tax rate on the entire salary is still much lower than 50%, but also, yes, the tax paid on the extra 1K or 5K or whatever does come out at 50%+ of that 1K or 5K when it takes the overall salary above a certain threshold.

will put my hand up and speak as a FG supporter all my life and will continue to do so. A part of me will be glad to see SF now try to fulfill the promises they have been making for years. They are already claiming credit for the "repeal the 8th" and the "marriage ref" also are promising they will build 20,000 homes which FG have already promised and began. But my biggest worry is how SF will complete the negotiations for brexit!!! scary stuff with some of their candidates shouting Tiocfaidh ar la- translation "our day will come" later he said he was talking about the past. funny guy

Tacitus Kilgore wrote: »

I personally am nowhere near that, - on my own income I pay about 28% overall, which is fine by me - well, it would be even finer, if it was spent well.

Last year the govt took over 40% of my income. Had I not made pension contributions it would have been more. The irony is when I retire the govt will probably have stolen from my fund (again) or I'll not get a state pension which I'm told is why I pay so much prsi. They also charged 10.75% employers PRSI.

I'm not fine with that

We've been told for years we better stick with FF/FG as the left wing boogeymen will
- tax us all to death
- despite this provide rubbish services
- bankrupt the country

Those threats sound very hollow now

That's why people decided to take a chance re rejecting the duopoly of FF/FG

Fanny **** wrote: »

Last year the govt took over 40% of my income. Had I not made pension contributions it would have been more. The irony is when I retire the govt will probably have stolen from my fund (again) or I'll not get a state pension which I'm told is why I pay so much prsi. They also charged 10.75% employers PRSI.

I'm not fine with that

We've been told for years we better stick with FF/FG as the left wing boogeymen will
- tax us all to death
- despite this provide rubbish services
- bankrupt the country

Those threats sound very hollow now

That's why people decided to take a chance re rejecting the duopoly of FF/FG

I don't disagree with the above, and I also have respect for your opinion and the opinion of that of the electorate!

Only reason I was posting in here was to call out lies.

satguy wrote: »

It seems FG will be very happy to just sit on their hands for 5 years. Would FG voters be happy with this, as it means all those FG votes mean nothing, and do nothing.

Having been in power for 9 years, they did nothing, people have no homes, people still on trollies.

FG may have given some of their rich buddies some tax breaks.

But other than that, they did what FG do best, are their poor hands not numb by now.

Well in fairness SF have sat on their hands for the last 40 years or so

satguy wrote: »

Labour to bow out of the left alliance, but still hope to get the pension age up to 68, but only for poor people.

Brendan Howlin just wants to sit next to Leo for a few years, more hand sitting, more votes wasted.

Every other country is raising the pension age. Even that won’t be enough. People are living to ages considered remarkable when the pension was set at 65. And healthcare outcomes are only going to get better. This is going to become a pan-European crisis in less than 10 years.

If you aren’t a pensioner yourself then you should be actively campaigning to raise the pension age. Not because you’ll be getting a state pension yourself, but because the spend could be better used in solving the myriad of other issues that require money.

satguy wrote: »

35 years stamps paid in,, I want my pension at 65 thank you very much.

BTW,, am still paying stamps..

And those stamps you paid are being used to pay for the pensions of our current tranche of pensioners. The problem is those pensioners aren't dying at 68 or 69. They are living well into their 80's, and going down to the post office to collect it. As they are entitled to.

There won't be anything much left for you though, unless you invested in a private pension. That's why increasing the pension age and not increasing the pension rate is sound policy. It's terribly unpopular as a concept though. A political time bomb like we won't have faced before.

That isn't a shot at you though, or scaremongering. Economists have been saying this for almost 20 years now. Ireland is better placed than most to kick this can down the road as we still have a relatively young population. It's coming though. 10 years at most.

Fanny **** wrote: »

Last year the govt took over 40% of my income. Had I not made pension contributions it would have been more. The irony is when I retire the govt will probably have stolen from my fund (again) or I'll not get a state pension which I'm told is why I pay so much prsi. They also charged 10.75% employers PRSI.

I'm not fine with that

We've been told for years we better stick with FF/FG as the left wing boogeymen will
- tax us all to death
- despite this provide rubbish services
- bankrupt the country

Those threats sound very hollow now

That's why people decided to take a chance re rejecting the duopoly of FF/FG

yes, this hits the nail on the head. Its why I voted SF, I dont own a house, rent in dublin. Get nothing back from FG, rewarding the early risers? LOL! But they support outrageous property prices, which screws people! Wow its so hard to figure out where the FG voters went after nine years of being lied too

Also reducing the pension age is idiocy, but its no more idiotic than leaving it as it is and increasing the OAP every year by five euro, for the next five years, as FF proposed. I dont buy the attacks on SF and prudence, I mean if I were FFG I would try to plant the same seed, but they just want to spend the money in different ways. SF have to form a coalition and our budgets are vetted by the EU. If the regulator does his job, there is nowhere near as much to fear , as is being made out. People want to use fear as a form of control though...