I'd prefer you'd just read the thread or mores the point,stop pretending you don't read it
Not a tax expert,but buy land,particularly poor land,spend money on improvements/draining etc,this can be wrote off over x amount of years,alongside repayments
Afaik some fairly substancial tax breaks available for forestry/solar panels,but latter depends on site.....if people known the way succesive governments have bend over backwards to farming lobby,their would be uproar
People simply cant afford their homes,afaik sinn fein plan is to retain ownership of the site,but sell the house.....this to improve value of state asset sheet.....double accounting is a sham,let them houses be full public ownership
Whatever about this case,that bloke should been released under the gfa for his troubles offences.....
what did it say to families of killed RUC officers,only their lives were worth less than that of a gaurd,the way the media falls in line and never point this out,should tell to anyone,their utter uselessness in holding establishment to account
It certainly is, particularly the last couple of pages, you're probably handy enough with the sums yourself, can you explain it to the lads/lassies
Tbf eoin obroin is writing and publishing policy pieces with near on 10 years on housing and its obvious failings
The way he is dismissed out of hand,for simply being a shinner kind of sums up,why the state is in the mess it is
OK, so you're the tax advisor and I'm assuming therefore a tax expert.
So I come to you looking for tax advice:
I am 18 years of age, earning €136k per year, married, not making any pension contributions (and no interest in making pension contributions as I'll have to wait another 50+ years before I can get my hands on the money), I have no interest in Health Insurance because I'm as fit as a fiddle, I know that there is nothing I can do about the €13k (give or take a few shillings) USC & PRSI that I have to pay. However I'd like to reduce my Income Tax bill as much as possible but whatever I do has to be legal and above board.
Is there any advice you as a tax advisor, and I'm assuming tax expert, can give me to help me reduce that Income Tax bill.
Simple enough scenario
Sinn Fein get told by Govt TDs all the time, their opposition to HTB is a disgrace.
Yet again SF on the ball regarding housing issues
Yerrah Pearse and colleagues are always getting caught out with bad maths
This thread is littered with examples
@notsocutehoor
post your 10% calc and then let us discuss!
I wouldn't like to be getting tax advice from some of the people posting here, and one a tax advisor, and certainly wouldn't like to be paying for it (advice), and me not even related to a tax advisor/expert (actually I am but she's in a totally different field). A few funny posts actually. Is it any wonder the rich get richer.
I am interested in SF housing policy, which seems to be, correct me if I'm wrong:
"more public housing on public lands"
Everybody agrees with the need for more housing, especially the young people drawn to supporting SF.
But most people want to own their own home, rather than be a tenant of the local authority.
Surely there is a conflict here?
Effective direct tax rates 2021
Single, 100k: 29.6% tax + 4% PRSI = 33.64% and that is before USC
So 100k means over 37%, and close to 40% effective tax rate
Single, 125K: 31.7% tax + 4% PRSI = 35.71% and that is before USC
So 125k means over 39%, and close to 42% effective tax rate
I’d love the calculation on that ‘below 10% tax figure’.
As a tax advisor you must know something I don’t.
I can guarantee you that SF/Pearse calc is such bullsh*t
Ireland has a progressive tax model aka the more you earn (as an individual) the more you % pay. And a reminder that pension relief is capped and based on age
Just saw that.
Another black day in the history of Sinn Fein and the PIRA.
Will Martin Ferris organise another homecoming party for this Garda killer?
I wonder if the party sent some on to collect him this time , im sure he can go back to work as a election worker for them
Killer Pearse McAuley freed from jail after serving time for horror attack on TD ex-wife - Independent.ie
It seems nepotism is alive and well in Sinn Fein. TD appoints his wife as a councillor.
Keeping it in the family, I thought Sinn Fein were going to set new standards on this sort of thing - did they mean new lower standards? Not even an election, not even another candidate at the SF convention.
The Sf attitude to state finance is a bit like the story about the couple who borrowed €10,000 from the credit union under the pretence of refurbishing their central heating system. Instead, the couple went to Spain for 2 weeks of high living and when they got back gave the 2 fingers to the credit union about their loan.
Suurr they can get another loan somewhere else if they need it right...
Unfortunately keeping on saying something don't make it so, I just don't know why people can't admit it when they're wrong, you lose nothing in it.
Actually I think Pearse may be wrong as well (and I can only assume he was referring to a particular case as virtually no 2 people earning €136k would have the same effective tax rate).
I did a quick calculation there and I think he is seriously overstating it. An 18 year old married person (or a 30 year old, or a 50 year old, or a maxed out AVC 60 year old) earning €136k , could get their effective tax rate down to just below 10%, or being less scrooge-like to 15.1%. Pension contributions, rent relief (whatever that is), medical insurance, medical bills, education allowances etc not included in that calculation.
These calculations may very well be wrong of course (not great at the sums) and if so will be more than happy to hold my hand up and admit it.
BTW, this is available to you, me, uncle tom cobley, everybody
Edit: I should of course have said that those % figures above include USC & PRSI (obviously)
"There's a lot there to digest"
All you really need to digest is that Pearse was being disingenuous and a spoofer.
"I haven't a clue which is your own and which is from this anonymous poster on somewhere"
The quotes are from the thread I linked from the Property Pin
"I presume you do know that you could avoid paying tax at 40% on any of your €85k income with judicious use of tax avoidance measures I presume you understand that."
Not for the first time - yes, but not relevant to the disingenuous spoofer accusation. He cherry picked the max pension tax avoidance not available to all tax payers. A level is available but not the level cherry picked by the bold Pearse
Anyhow - as I said, not getting sucked into a roundabout nonsensical discussion. Pearse was shown to be disingenuous at best
There's a lot there to digest, and tbh I haven't a clue which is your own and which is from this anonymous poster on somewhere.
Can I also ask you to forget about "60+ year old married single earner, maxing out his/her pension relief at 40% of income", you, an 18 year old, a 40 year old, or a 60 year old can use their pension/avc or any other tax avoidance measure to reduce their effective rate, probably to the teens (%). I presume you do know that you could avoid paying tax at 40% on any of your €85k income with judicious use of tax avoidance measures I presume you understand that.
In the calculation of your effective tax rate the only thing you personally don't have control over is PRSI and USC (both mandatory thankfully)
Wow - actually managed to find it. 136k (strange figure to pick!) and an effective rate of 24%
"he claimed someone on 136k had an effective tax rate of 24%. For a PAYE worker I call absolute 100% bullshit on this"
"My oh comes home with 47% of his gross, now health and pension is deducted also so I’m not sure what the actual tax take is, he earns less than above but 6 figures…so I don’t know where sf’s figures are from"
"As I said absolute bullsh1t
My effective rate is 40% of gross and 44% of taxable (I put 10% into a DC pension). I’m private sector
Even ignoring USC & PRSI my effective rates solely for PAYE are 29.3% & 32.2%. If pension relief is touched this will increase as I’ll only put in 5% to get the extra employer contributions
More rabble rousing I’m guessing “look how little those rich people pay, let’s get em (and conveniently ignore than people on up to 35k pay fuck all)”
Should add these are based on my monthly income in a non-bonus month (namely November)
Any bonus I earn is taxed entirely at the higher rate so my overall effective rates are actually higher"
"If you count USC and PRSI as income tax by other names (which USC certainly is and PRSI arguably so), that’s about my effective rate on low €40Ks, after pension relief on 10% of it. I think they’re being disingenuous here at best. Even if that 24% is true in the very strictest sense for income tax only, the real rate with USC and PRSI will be around 15% higher.
40 odd % sounds about right."
"It’s horseshit. I’m on a little over half that, and I pay effective tax of 35-36%* as a renter with 6%/5% pension contributions, rent relief and only VHI as BIK.
I can bloody well assure you that any pay increases I get send my effective tax rate up and not down.
However, if you count this 136k person as a 60+ year old married single earner, maxing out his/her pension relief at 40% of income"
So no revisiting for me apart from anything I may not have remembered 100% correctly. But my accusation of being a disingenuous bluffer/liar stands
"if he stated that a person earning 125k a year pays an effective rate of tax of a specific % mid to high 20s then that is probably correct (and obviously excluding ALL tax avoidance measures) - I'd need to sit down and work it out but I'd guess it's correct"
It was (and still is) incorrect. At the time I was early 30s on a similar salary and had a far higher effective rate. Today PWC tax calculator gives over 31+% for income tax alone (would have been higher when the interview I referenced happened) before any relief for pension contributions (so before USC/PRSI). I'll search the Property Pin too see can i find the post where a poster back solved the % and it only added up when ignoring USC/PRSI and assuming maxing out AVCs for a 60+ year old
"once again I'll say it, age has absolutely nothing to do with your effective tax rate, nada, diddly squat. Your effective tax rate is impacted/changed by your judicious use of tax avoidance measures,"
Not only incorrect but you also contradict yourself. Pensions contributions are a tax avoidance measure and can reduce your effective rate (note I'm saying effective rate, not marginal). You can make higher tax free contributions as you get older so age can, and absolutely does, impact one's effective tax rate
"He may not have mentioned PRSI & USC, but he certainly included them"
No he didn't as I've pointed out already. And if he was assuming various tax avoidance measures without stating (he didn't state it) he was again being disingenuous at best
"He could have but I'm struggling to see the relevance"
His point was that higher paid workers paid very little tax. A comparison to other incomes would (IMO of course) be relevant as it would show the pitiful levels of tax paid by large swathes of workers
"I would hope that you might revisit this statement in the light of what I've posted above, unless of course you can show what I've posted above is a complete falsehood"
I won't be revisiting and what you posted as a rebuttal is utter nonsense. But hey not going down the rabbit hole so unless I can find the property pin thread I'll not post again on the matter
OK, I'd love to see that interview, even it was several years ago, people's memories can do funny things - people do NOT need to make pension contributions to reduce their effective tax rate, although of course it's a handy way of doing it
some would say that's disingenuous I'd say its (the first 3 points combined) a complete falsehood. - I would hope that you might revisit this statement in the light of what I've posted above, unless of course you can show what I've posted above is a complete falsehood
I've no idea what the head honchos will make of this when reported.
I stand over my opinion that your anti FG rant earlier was sectarian towards FG people,I've not changed my mind on that,how could I ?
I've seen the pointless and prettiness of what can only be described as "tribal" on these threads (it's not unique to this site to be fair), however if someone is going to accuse me of "sectarianism", I'll make a stand and ask them to withdraw that remark.
For me to be making sectarian remarks against you or your posts, you'd have to be either a different opposing religion of mine, I've no idea your religion, nor you would have of mine, so therefore that can't possibly be true. The other side of that one is as you added on the "FG" tag to try and boost your sectarian accusation, that would imply that Fine Gael are a sect, and you personally are a very strong supporter of them.
Neither of the above scenarios could possibly be true, I already discussed how FG as a party has many mixed religious denominations, and I do not know your own, nor you mine, so we can rule that out, and as you've outed yourself as a potential floating voter.
A good proportion of them are all set to do it deliberately including me at this stage
That's further proof your allegation is utter nonsense. Unless of course you were'nt serious, which, considering you seemed to have taken offence on me calling it out, would be extremely odd behaviour. Sect like even.
Now, if you don't mind, I'll bid you and your overtly condescending posts a goodnight.
Thing is - he didn't state that in the interview I referenced (this is several yrs ago tbh - but yes people can reduce their effective rate by making pension contributions)
some would say that's disingenuous I'd say its (the first 3 points combined) a complete falsehood.
Pirate crew stuff
Quite ironic
I also said SF say one thing about their policies to developers and a different thing to the public,how is that the same as saying they're negotiating with developers on plans they (SF) vote against ?
All I said is,it would be more in their line negotiating Compromises in order to expedite housing
But No that might take the ground from under them
Such stances speaks to their disingenuousness
All of this is in my posts
Its the playbook of the trump wing of the republican party in the states
Thankfully in our country news media is regulated unlike in the States
An Poblacht won't be opening up a TV channel here anytime soon to promote their promiserama
They have to promote it where it is scrutinised
I didn't say they're negotiating with developers did I ?
Not quite, you just implied they're having secret meetings with developers and discussing things in private.
They already tell developers in private to ignore what they say in public
Pretty much negotiating then, yeah? You've not revisited your "sectarian" accusations against me? Don't blame you.
But telling them to ignore SF policy is incredible
It speaks to what we're dealing with here-promiserama
All things to all men (and women)
Hardly gets you off the hook, I'm sure I might well be crossing swords with yourself under a new alias in the future on the site too, so what? Why bring it up so?
Getting back to your original point(s) where you claim a party should be negotiating with builders, then in the very next sentence imply there doing just that (behind closed doors) , that's contradictory, that's what I pointed out.
You then went on to try and label me secretarian for calling out both the above mentioned contradiction, and for poking fun at your obvious bogus claim that you and your buddies will be voting sf for the lols.
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