timmyntc wrote: » Why a 35k salary? On higher salaries you will start to see the big differences in Irish and other countries' taxation. We have one of the lowest thresholds before the top rate of tax kicks in, and one of the highest marginal rates of tax in Europe
jcon1913 wrote: » Tax take in Ireland relative to other countries is herehttps://en.wikipedia.org/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio The tax take in Ireland is approx 30% according to this list Ireland compares well to the UK 34%, France 47.9% and Germany 44.5%, Italy 43.5% I dont know what the OP is on about really.
Mongfinder General wrote: » The resilience of the Government’s main tax head must be examined. The pandemic put hundreds of thousands of workers out of work for long stretches last year. But the income tax receipts barely fell. Why is this?
Geuze wrote: » Ah now, USC is a tax. So the top rate in Ireland is 44.5% at 36k. Plus what about the 4% PRSI? That makes it 48.5% It is not correct to say "the top tax rate is low". OK, fair enough, our top rate of tax is not high, compared to some other EU countries.
irelandrover wrote: » the entry point to teh top rate of tax in ireland is low. however the top rate of tax is low. ireland, top rate of 40% kicks in at 35300 netherland, top rate kicks in at 68,500, however that rate is 52%, the rate of 41% kicks in at 34000 italy, top rate kicks in at 75000, however that rate is 43%, the rate of 41% kicks in at 55000
Stovepipe wrote: » why do you think they are generous? Eu 203 a week doesn't go far and there is no shortage of pensioners living in poverty.
Eric Cartman wrote: » the working childless person here gets almost nothing until we retire, doubly for the self employed. I don't believe theres any rational justification for any country in the world to have a tax rate over 49.9% applied to anyone of any income or any asset, so by that metric we're quite near that barbaric point , which is a shame that we have nothing to show for it
suicide_circus wrote: » As others have said - i don't care what tax i pay if waste is minimal and the services and infrastructure we get in return are of a good standard. However, i don't believe that waste is minimal. I don't believe that tax euros are spent efficiently. I do believe there is significant administrative and middle management bloat. I do believe that unscrupulous practices take place in order to justify budgets. I have friends and family in various parts of Europe. Some pay more tax than us but boy oh boy do they get it back in spades. I really don't think i want to be old in Ireland.
Geuze wrote: » HOWEVER the entry point to the top Marginal Tax Rate (MTR) is very low, at 35-36k. The income tax system is very progressive, one of the most progressive in the world, so that although many low earners pay zero or very little direct tax, at earnings of, say, double the median, the direct taxes here are similar to high tax countries.
Mike Murdock wrote: » 1/3rd is on Pensions in fairness. The €22 billion on healthcare boggles the mind. With that level of funding for a population of 4.5 million, we should have a world class health service.
suicide_circus wrote: » I really don't think i want to be old in Ireland.
theguzman wrote: » When they die and pass it on to their heir then the government will swallow a massive share of it. All inheritance tax should be scrapped to a limit of say below €10m.
IAMAMORON wrote: » The pension bubble is coming ... it is going to be nasty.
Mad_maxx wrote: » the state pension and added benefits are also far too generous , add in the fact many are on the state pension nearly as long as they were working
wiggle16 wrote: » I'd take the view that when you die you're not around to care what happens to your assets, but I know not everyone feels that way. The capital taxes exist to offset the indefinite accumulation and concentration of wealth in the hands of a lucky few. If you inherit several million quid that you didn't do a tap to earn then why shouldn't you have to put some of it back in the pot? You're still MUCH better off than when you started. To me it just seems like greed and entitlement. ETA: that's not to say I think you're greedy or entitled, I don't - I mean my example of someone inheriting millions and not wanting to pay any CAT is greedy.
jams100 wrote: » Yea I understand that, I still don't agree with it. If you or someone else works hard you shouldn't be taxed on that same work when you die. Let's be honest if you work hard your probably on the high rate of tax which is 40% and thats before usc, prsi etc. If we weren't taxed as much on our salaries then yes I could understand it but we are taxed like mad. To the previous poster yes I meant CAT and not CGT...long week!
theguzman wrote: » I know a farmer who would be in his early forties and the father in his mid-seventies, they are going to split the farm and let some of the land to his young son who is only around 5. The farm is worth well over a million, they would be facing paying a few hundred thousand GCT and then repeat it again in less than 25-30 years time. It is the most disgusting tax imaginable and incredibly unfair.
theguzman wrote: » The average house price is €270k, then you have farmland and other property, it is incredibly unjust that wealth and property accumulated by people who already paid an enormous tax burden should be taxed again, it is an anti-family measure is downright disgraceful. I know a farmer who would be in his early forties and the father in his mid-seventies, they are going to split the farm and let some of the land to his young son who is only around 5. The farm is worth well over a million, they would be facing paying a few hundred thousand GCT and then repeat it again in less than 25-30 years time. It is the most disgusting tax imaginable and incredibly unfair.
Geuze wrote: » Note that most people don't pay CAT, due to the allowances. OK, if you are an only child in D4 or D6, yes, you face a large CAT bill.
sameoldname wrote: » Did you just make that whole story up? Tax relief on farm inheritance means that anything up to €3.35 million is tax free. Unless they didn't plan to farm it then they'd have to pay CGT the same as everyone else.
theguzman wrote: » The average house price is €270k, then you have farmland and other property, it is incredibly unjust that wealth and property accumulated by people who already paid an enormous tax burden should be taxed again, it is an anti-family measure is downright disgraceful. I know a farmer who would be in his early forties and the father in his mid-seventies, they are going to split the farm and let some of the land to his young son who is only around 5. The farm is worth well over a million, they would be facing paying a few hundred thousand GCT and then repeat it again in less than 25-30 years time. It is the most disgusting tax imaginable and incredibly unfair. There has been several instances of people having to sell beloved family homes and or farms to pay this tax to inherit the remainder if they didn't have the funds to pay the CGT upfront, often if a farmer dies he/she could let the money to a daughter and the land to a son putting the son in a precarious state to pay the CGT compared to if he got lock, stock and barrel. The situation gets even more grotesque when you start to inherit land from a cousin or non-immediate family member.
jams100 wrote: » The capital gains tax is the worst one imo, you work hard all your life paying your taxes which aren't low and you leave your kids something and then wham! The death tax strikes. And yes, im well aware there is a threshold
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